Crisil 5000921213

CRISIL LIMITED ANNUAL REPORT 2013
MAKING MARKETS FUNCTION BETTER

In 2013, we launched CRISILs new logo. The idea was to give it a contemporary look.
The blocks in the CRISIL logo stand for people, processes and values the three things that set
us apart as a brand. They integrate seamlessly to reflect CRISILs winning combination of tightly
knit businesses built around the theme of being a global analytical company. Externally we have
sharpness, definition and shape; internally we are fluid, dynamic and growing.
In its totality, our logo resembles a well-fitting and efficient system, symbolic of our core purpose:
making markets function better.
The new logo is a reflection of everything we are: modern, young, capable and ambitious.
and these ones flag the strategic milestones of the year:
Analytics Expanding Footprint People
Corporate Social
Innovation Technology
Responsibility
Customer Wins Insight Thought Leadership

Contents Corporate Overview
03 Message from the Chairman
04 About CRISIL
05 CRISIL Businesses
08 CRISILs Consolidated Ten Year Financial Highlights
2013: A Glance
12 Launch of CRISIL Inclusix
13 CRISILs 2nd Annual Seminar on Expanding Indias Corporate Bond Market
14 2013: Looking Back
37 Publications
42 CRISIL in Media
44 Corporate Sustainability Initiatives
Statutory Reports
49 Board of Directors
57 Directors Report
67 Management Discussion and Analysis Report
76 Auditors Certificate for Corporate Governance
77 Report of the Directors on Corporate Governance

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97 Standalone Financial Statements
137 Consolidated Financial Statements

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CORPORATE OVERVIEW 2013 - A GLANCE STATUTORY REPORTS FINANCIAL STATEMENTS
Corporate
Overview
02 CRISIL Limited Annual Report 2013

Message
from the Chairman
CRISIL delivered a strong performance
in 2013, despite a challenging
environment. India saw a sharp
slowdown in growth and investments.
The global economy stabilised during
the year, but at low levels of growth.
Among the highlights of the year

was the release of CRISILs seminal
State Of The Nation report, a unique
top-down-meets-bottom-up analysis
on the Indian economy, sectors and
companies.
Financial inclusion is a key economic CRISIL also launched a new logo with a
and social imperative in India. Making contemporary look of a modern, young,
an important contribution to this capable and ambitious company. The
agenda, CRISIL launched Inclusix, the design resembles a well-fitting and
countrys first index that objectively efficient system, symbolic of CRISILs
measures financial inclusion all the core purpose of making markets
way to the level of each district. function better.
During the year, McGraw Hill Financial,

Inc. (MHFI) increased its stake in CRISIL
through an open offer. To me, that
represents a vote of confidence in
CRISIL, its leadership team, its talented
employees, and the future of India.
CRISIL is well poised to continue its

solid performance and remain a leading
voice in the markets it serves.
Douglas L. Peterson
03
ABOUT CRISIL / CRISIL BUSINESSES
About CRISIL
We are a global analytical company centre and in the states -- and
providing ratings, research, and policymakers. Globally, we serve
risk and policy advisory services, the worlds largest banks, leading
majority owned by Standard & corporations and governments.
Poors (S&P), the worlds foremost
provider of credit ratings and a We empower our customers
part of McGraw Hill Financial, Inc. and the markets at large with
(NYSE:MHFI). independent analysis, benchmarks
and tools.
In India, we work with the
countrys largest corporations,
financial institutions, SMEs,
governments -- both at the

CRISIL Businesses
RATINGS GLOBAL ANALYTICAL

CENTRE
Bond Ratings
Bank Loan Ratings
SME Ratings
Real Estate Star Ratings
RESEARCH GLOBAL
RESEARCH &
ANALYTICS
INDIA
RESEARCH
Financial Research Economy & Industry Research
Risk & Analytics Funds & Fixed Income Research
Corporate Research Equity & Company Research
Coalition
ADVISORY* CRISIL
INFRASTRUCTURE
ADVISORY
CRISIL RISK
SOLUTIONS
*Wholly owned subsidiary CRISIL Risk and Infrastructure Solutions Limited
05
CRISIL BUSINESSES
CRISIL Ratings
We are Indias leading credit rating

agency. We pioneered the concept
in 1987 and have since rated/
assessed over 77,000 entities across
196 industry sectors in the country. funding, widening the range of funding
These include 60,000 micro, small alternatives and optimising the cost of
Rated/assessed over
and medium enterprises the funds. As for investors and lenders, we 77,000 entities across
biggest count by far for any country supplement their internal evaluation 196 industry sectors
and 17,000 large and mid-scale process and benchmark credit quality in the country. These
corporates and financial institutions. across investment options. We help
include 60,000 micro,
Our capabilities span the entire range the markets function better and also
of debt instruments: bank loans, assist regulators in measuring and small and medium
certificates of deposit, commercial managing credit risks at a systemic enterprises the
papers, non-convertible debentures, level. Our ratings are used in the biggest count by far
bank hybrid capital instruments, asset- computation of capital adequacy in for any country and
backed securities, mortgage-backed the banking sector and to determine
securities, perpetual bonds and partial the eligible investment pool for
17,000 large and mid-
guarantees. We assist issuers and insurance companies, pension funds scale corporates and
borrowers in enhancing their access to and provident funds. financial institutions.
CRISIL Global Research & Analytics

(CRISIL GR&A)
We are the worlds largest and most Our equity research
preferred provider of high-end research
support enables
and analytics, the largest provider
of equity and fixed income research dozen asset management companies, coverage on 2,500
support, and the foremost provider of 3 of the top 15 global insurance stocks globally,
end-to-end risk and analytics services. companies, 2 of the top 10 global comprising 90% of
Our equity research support enables consulting groups and 37 Fortune global trading volumes
coverage on 2,500 stocks globally, 500 companies, among others. We
comprising 90% of global trading have enabled global banks to achieve and 85% of global
volumes and 85% of global market multi-million-dollar savings in research market capitalisation.
capitalisation. Our fixed income budgets, and up to 50% improvement Our fixed income
research supports 80% of the global in process efficiencies. We review research supports 80%
structured finance market and over over 20% of outstanding exotic equity
of the global structured
60% of the global credit markets. Our derivatives globally, saving more than
8 research centres in Argentina, China, USD 100 million (marked-to-market finance market and
India and Poland serve 12 of the top 15 impact) annually for investment banks. over 60% of the global
global investment banks, more than a credit markets.

CRISIL Research
We are Indias largest independent and

integrated research house, providing
We cover 70 industry
insights, opinions, and analysis on the
economy, industry, capital markets and sectors and 139
companies to help our clients make sub-sectors.
informed lending, investment and
strategic decisions, thereby mitigating Indian mutual fund industry, the entire We value over USD 960
and managing risk. We also play a key life insurance industry and the top billion of Indian debt
role in Indias fixed-income markets. 6 consulting firms in the world. We securities, comprising
We cover 70 industry sectors and 139 value over USD 960 billion of Indian
sub-sectors and our clientele includes debt securities, comprising 85% of
85% of outstanding
1,200 Indian and global clients, 95% of outstanding securities, and rank Indian securities, and rank
Indias banking industry by asset base, mutual fund schemes covering 70% of Indian mutual fund
15 of the top 25 Indian companies the assets under management (AUMs) schemes covering 70%
by market capitalisation, the entire worth USD 85 billion.
of the assets under
management (AUMs)
worth USD 85 billion.
CRISIL Risk and Infrastructure Solutions

Limited (CRIS)
CRISIL conducts its infrastructure advisory and risk solutions business through its We work with clients
subsidiary, CRISIL Risk and Infrastructure Solutions Limited (CRIS). in India and 22 other
emerging economies
in Asia, Africa and the
Middle East across
infrastructure sectors
CRISIL Infrastructure Advisory: We CRISIL Risk Solutions: We provide

work with regulators and governments, a comprehensive range of risk We provide a
multilateral agencies, investors and management tools, analytics and comprehensive range
large public and private sector firms solutions to financial institutions,
to shape public policy, establish viable banks, insurance companies and of risk management
frameworks and enable infrastructure corporates in India, the Middle East, tools, analytics and
development. We work with clients in Africa, South Asia and Southeast solutions to financial
India and 22 other emerging economies Asia. We have helped over 50 banks institutions, banks,
in Asia, Africa and the Middle East and financial institutions adopt
insurance companies
across infrastructure sectors such as best practices in risk management,
urban development, energy, natural undertaken risk management and corporates in
resources, transport and logistics, assignments in 20 countries and India, the Middle East,
healthcare and infrastructure finance. provided risk management solutions to Africa, South Asia and
8 of the top 10 banks in India. Southeast Asia.
07
CRISILS CONSOLIDATED TEN YEAR FINANCIAL HIGHLIGHTS
CRISILs
Consolidated Ten Year
Financial Highlights
Income from operations CAGR 29 % EBITDA CAGR 30 %
(Rs. in Crores) (Rs. in Crores)
1,111 361
328
978
807 262
628 215
199
515 537 179
404
1117
287 81
119 140 35 39
05 05* 06 07 08 09 10 11 12 13 05 05* 06 07 08 09 10 11 12 13
March December March December
Profit after tax CAGR 36 % Market capitalisation CAGR 40 %
(Rs. in Crores) (Rs. in Crores)
44 8,484
7,607
2 254 6300
4
219
161 40 202
141 4254
3212
84 165 2663
61 1773
1521
1008
20 25
438
05 05* 06 07 08 09 10 11 12 13 05 05* 06 07 08 09 10 11 12 13
One time gains

Dividend EPS (Basic) CAGR 35 %
(%) (Rs.)
1000 42.3
600
300
31.4
28.5 29.1
1100 1300 1300 22.3
1000
19.5
700 1000
11.8
8.8
250
125 100 150 3.1 3.5
05 05* 06 07 08 09 10 11 12 13 05 05* 06 07 08 09 10 11 12 13
Special Dividend
Net worth per share Income per employee

(Rs.) (Rs. In Lakhs)
95.5 34
29 30
27 28 28
75.3 26
22 23
60.0 22
55.6 58.9
49.5
38.3
28.0
20.0
16.5
05 05* 06 07 08 09 10 11 12 13 05 05* 06 07 08 09 10 11 12 13
Return on net worth

(%)
50
46
44 42
41 40
38
36
21
20
05 09 10 The figures are for 9 months ending December 31, 2005

*
05* 06 07 08 11 12 13
March December
09
2013:
A Glance
11
LAUNCH OF CRISIL INCLUSIX / CRISILS 2ND ANNUAL SEMINAR ON
EXPANDING INDIAS CORPORATE BOND MARKET
Launch of
CRISIL Inclusix
CRISIL Inclusix, an index which comprehensively measures financial
inclusion in India, was launched by the Honourable Finance Minister of India,
Shri P. Chidambaram, along with Shri Rajiv Takru, Secretary, Financial Services,
Ministry of Finance, Government of India, and Roopa Kudva, MD & CEO, CRISIL, at
a function held in New Delhi.
(From left) Roopa Kudva, Shri P. Chidambaram and

Shri Rajiv Takru, with the CRISIL Inclusix report at the launch
Shri P. Chidambaram leafs through the report as

Shri Rajiv Takru looks on
Shri P. Chidambaram congratulates CRISIL on launching

Indias most comprehensive financial inclusion index

CRISILs
2nd Annual Seminar on Expanding
Indias Corporate Bond Market
CRISIL organised the 2nd annual seminar on expanding Indias corporate bond market. The theme of the seminar was Financing
Indias Future. It provided key insights into the functioning of the corporate bond market in India, how recent regulatory
initiatives have led to an increase in the number of issuances, the entry of innovative instruments, and the way forward for
the overall bond market.
(From left) Roopa Kudva, Shri U. K. Sinha, Chairman, Dr. K. P. Krishnan, Additional Secretary, Department of
Securities and Exchange Board of India (SEBI), Dr. Arvind Economic Affairs, Ministry of Finance, Government of
Mayaram, Secretary, Department of Economic Affairs, India, makes the opening remarks on the Challenges for
Ministry of Finance, Government of India, and Mukesh growth of the bond market and way forward
Agarwal, President, CRISIL Research, launch The CRISIL
Yearbook On The Indian Debt Market 2013
Roopa Kudva moderates a panel discussion on the (Extreme left) Ramraj Pai, President, CRISIL Ratings,
subject, The Road to inflection point: How the rules of the moderates the panel discussion on the subject, Indias
game need to change. Others in the panel are (from left) Corporate Bond Market: Potential demand for Capital.
Dr. K. P. Krishnan, Shri R. K. Nair, Member (Finance), To his left are Nilesh Shah, Managing Director & CEO,
Insurance Regulatory & Development Authority of India, Axis Capital Limited, Shri Chandan Sinha, Principal Chief
Milind Barve, Managing Director, HDFC Asset Management General Manager, Reserve Bank of India, Jayesh Mehta,
Company Limited, and B. Prasanna, Managing Director & Managing Director, Bank of America NA, and Sameer
CEO, ICICI Securities Primary Dealership Limited Bhatia, President, CRISIL Infrastructure Advisory
13
2013: LOOKING BACK
2013: Looking back

January
CRISIL Global Research & Analytics organises a global web conference on Big Datas Big
Impact on Businesses
CRISIL Centre for Economic Research (C-CER) publishes a report on Indias

macroeconomic outlook for 2013-14
Dharmakirti Joshi, Chief Economist, CRISIL, makes a presentation on the Indian economy at
the Society of Indian Automobile Manufacturers (SIAM) Looking Ahead Conclave
February
Phase 2 of Pragati, CRISILs financial awareness initiative, rolls out in Assam in partnership
with the Rashtriya Gramin Vikas Nidhi (RGVN)

February
CRISIL Ratings discussion forum on Basel III for Indian Banks: The Capital Conundrum
Shri Anand Sinha, Deputy Governor, Reserve Bank of India (RBI), makes the keynote address at
the CRISIL Ratings discussion forum
CRISIL Ratings releases an insight titled 'Banks provisioning to increase by Rs. 150 billion
over 2013-15; RBI restructuring norms will strengthen confidence in asset quality
CRISIL GR&A (Coalition) publishes
Quarterly Coalition Index an analysis of the performance of the top 10 global

investment banks
Semi-Annual IB League Table (ranking of the top 10 global investment banks)
CRISIL Research wins mandate as business review consultant from the National Pension System
(NPS) Trust, set up under the aegis of the Pension Fund Regulatory Development Authority (PFRDA)
CRISIL Research bags a prestigious mandate from a global mining major to help it understand the
growth dynamics of Indian states over the next 10 years
15
2013: LOOKING BACK
2013: Looking back

February
Manoj Mohta, Director, CRISIL Research, makes a presentation on Tapping into the India
growth story industry growth aspirations and expectations from the logistics community at
CIIs Logistics Summit 2013
CRISIL Infrastructure Advisory assists the Food Corporation of India and the Department of
Economic Affairs in developing modern food storage infrastructure as PPPs
March
Launch of CRISIL Foundation
(From left) Harold (Terry) McGraw III, Chairman of the Board and former President & CEO, McGraw
Hill Financial, launches the CRISIL Foundation along with Roopa Kudva, MD & CEO, CRISIL, and
Raman Uberoi, Chief Operating Officer, CRISIL

March
(Extreme left) Sachin Nigam, President, CRISIL SME Ratings, represents CRISIL at a panel
discussion on Innovations in the MSME space & the way forward at a workshop organised by
the International Finance Corporation (IFC) on MSME finance
CRISIL Risk Solutions launches a first-of-its-kind early warning solution called BRECON, which
solves the critical problem of late detection of non-performing assets in the banking sector
April
CRISIL releases its Annual Default and Ratings Transition Study - 2012
17
2013: LOOKING BACK
2013: Looking back

April
CRISIL GR&A launches
CI 360, a comprehensive web-based competitive intelligence (CI) platform, based on our

unique framework that benchmarks the complete industry landscape
COMPASS (Client Opportunity Mapping, Planning and Sizing System), a proprietary key
account management (KAM) product, to help companies manage their long-term business
relationships in a structured and systematic way
CRISIL GR&A launches Collateral Management and Portfolio Reconciliation to offer end-to-end
solutions in the collateral management space
CRISIL GR&A (Coalition) wins mandate from a Swiss Investment bank one of the
top 15 globally
CRISIL Research introduces 23 new debt indices, including seven dollar-based ones,
representing different maturities across the gilt, credit and money markets
CRISIL Infrastructure Advisory assists the Asian Development Bank (ADB) in developing a
framework for PPPs for the healthcare sector in India
CRISIL Risk Solutions wins a mandate from HDFC Bank to automate its credit
appraisal process

May
CRISIL-S&P joint seminar on the global economy and its implications for Indias capital
markets
Paul Sheard, Executive Managing Director and Chief Global Economist, S&P, delivers the keynote
address at the CRISIL-S&P joint seminar
CRISIL rates corporate Indias first inflation-indexed debenture issued by L&T
Yogesh Dixit, Senior Director, CRISIL SME Ratings, addresses the audience at the Microsoft
Completely Boss Challenge. CRISIL was the knowledge partner for this national-level contest
that aims to identify and celebrate outstanding business leaders from Indias thriving
mid-market segment
CRISIL GR&A organises a global web conference on Best Practices in Model Risk
19
2013: LOOKING BACK
2013: Looking back

May
CRISIL GR&A wins mandate from a large Europe-based buy-side firm to support its portfolio
managers in building an emerging market fund
Pratyush Prashant, Senior Director, CRISIL Infrastructure Advisory, makes a presentation on

Key Considerations for Use of Public Private Partnership at the Indonesia Infrastructure Fast
Track Seminar Series organised by the Indonesian government
CRISIL Infrastructure Advisory assists the Ministry of Coal, Government of India, in formulating
a methodology to fix the floor and reserve prices for coal block auctions under captive mining
Manish Jaiswal, Senior Director, CRISIL Risk Solutions, deliberates on Early Warning Signs in
SME Portfolio at the Small Business Banking Network (SBBN) CEO & Senior Leaders Round table
2013 held in Dubai

June
Honourable Finance Minister of India, Shri P. Chidambaram, along with Roopa Kudva,
and Shri Rajiv Takru, Secretary, Financial Services, Ministry of Finance, launch the CRISIL
Inclusix, an index that comprehensively measures financial inclusion in India
CRISIL Certified Analyst Programme's (CCAP) 6th batch commences. CCAP is a two-
year intensive work-cum-study programme. It is aimed at developing world-class financial
professionals for various analyst roles in CRISIL
CRISIL rates Indias first BASEL III bond, issued by United Bank of India
21
2013: LOOKING BACK
2013: Looking back

June
Som Mittal, President, NASSCOM, and Roopa Kudva unveil Risk & Procurement Analytics:
A Promising Future, a joint report by NASSCOM and CRISIL GR&A
CRISIL GR&A organises a global web conference on Converging global cross-asset

correlation - key investment implications
CRISIL and AMFI jointly launch a group of mutual fund performance indices
(From left) H. N. Sinor, Chief Executive, AMFI, Y. M. Deosthalee, Director, L&T Finance, Gautam
Mehra, Executive Director - Tax & Regulatory Services, PricewaterhouseCoopers, Shri U. K.
Sinha, Chairman, SEBI, Roopa Kudva, Milind Barve, Chairman, AMFI, and A. Balasubramanian,
CEO, Birla Sun Life Asset Management Co., at the launch of the CRISIL-AMFI mutual fund
performance indices
CRISIL Infrastructure Advisory assists the Ministry of Finance in Namibia in

operationalising Namibias PPP policy

July
CRISIL-S&P celebration to mark 10 years of the Global Analytical Centre
Douglas L. Peterson, President and CEO of McGraw Hill Financial, and Roopa Kudva unveil a logo
created to mark the 10th anniversary of the Global Analytical Centre (GAC). The GAC works with
S&P teams in the US, EMEA and the Asia-Pacific, providing ratings support across all domains.
CRISIL rates corporate Indias longest-tenure bond - Indias first 50-year bond issued by
Mahindra & Mahindra
CRISIL rates Indias first infrastructure debt fund, India Infra-debt Limited
(Extreme right) Pawan Agrawal, Senior Director, CRISIL Ratings, at a panel discussion on
non-government fixed income products at the Indian Capital Markets Conference 2013
organised by the National Stock Exchange (NSE) and the New York University
23
2013: LOOKING BACK
2013: Looking back

July
CNBC TV18-CRISIL Emerging India Awards 2013
(From left) Raman Uberoi, Vijay Chandok, President, International Banking and SMEs, ICICI Bank,
N. R. Narayana Murthy, Executive Chairman, Infosys, Chanda Kochhar, MD & CEO, ICICI Bank,
Shereen Bhan, Executive Editor, CNBC TV18, and, Senthil Chengalvarayan, Managing Editor,
CNBC TV18, applaud the winners of the CNBC TV18-CRISIL Emerging India Awards 2013
CRISIL Research releases a publication titled Food Security Bill: Benefits beyond
provision of food
CRISIL Infrastructure Advisory initiates work with the Ministry of Urban Development to
prepare and revise city development plans for 30 cities

August
CRISIL SME Ratings signs MoUs with The Federation of Indian Export Organisation (FIEO), The
Jammu & Kashmir Bank Limited, Syndicate Bank and Bombay Chamber of Commerce and Industry
(BCCI) for rating SMEs
CRISIL GR&A (Coalition) wins a mandate from one of the top 15 global investment banks
in the US
Kotak Wealth Management and CRISIL Research launch the Top of the Pyramid Report
(From left) Jaideep Hansraj, Business Head, Kotak Wealth Management, C. Jayaram, Joint
Managing Director, Kotak Mahindra Bank Ltd, and Mukesh Agarwal, President, CRISIL Research, at
the launch of the 3rd edition of the Top of the Pyramid report
CRISIL Infrastructure Advisory initiates work with Asian Development Bank (ADB) to
strengthen urban water supply regulation in Laos
25
2013: LOOKING BACK
2013: Looking back

September
CRISIL releases the State Of The Nation report, a unique top-down-meets-bottom-up analysis
to provide a holistic perspective on the Indian economy, sectors and companies
CNBC TV18 Panel Discussion: The Financial Inclusion Agenda
(From left) A. Krishna Kumar, MD, State Bank of India, Arun Tiwari, ED, Allahabad Bank, M.
Narendra, Chairman & MD, Indian Overseas Bank, and, Roopa Kudva at The Financial Inclusion
Agenda panel discussion organised by CNBC TV18

September
CIO100 Information Mastermind Special Awards 2013
Ramnath Iyer (centre), Chief Technology Officer, CRISIL, receives the Information Mastermind
Special Awards 2013 at the 8th edition of the CIO100 Awards and Symposium. CRISIL won the
award for its e-analytics project, which was implemented by the Ratings business
CRISIL GR&A wins mandates from two global investment banks for Model Validation
CRISIL GR&A organises a global web conference on Understanding Credit

Risk Modelling: An Industry Perspective
CRISIL GR&A (Coalition) launches Capital and Return Analytics that helps in the
analysis of Return on Equity, Return on Assets and Risk Weighted Assets
27
2013: LOOKING BACK
2013: Looking back

September
CRISIL Research releases a report titled, Organised fast food in the fast lane on the quick
service restaurants sector
(Extreme left) Pratyush Prashant at an investor road show held by the Government of Vietnam
and World Bank for the Dau Giay-Phan Thiet Expressway Project (DPEP Pilot PPP), in Hanoi,
Vietnam

September
(Extreme left) Rakesh Bangera, Director, CRISIL Infrastructure Advisory, at a conference

on urban infrastructure organised by CII and CREDAI. As the knowledge partner, CRISIL
Infrastructure Advisory releases a report on urban infrastructure in Hyderabad at the event
October
CRISILConnect, CRISILs vibrant employee engagement platform, wins the Association of

Business Communicators of India (ABCI) award a bronze for the second consecutive
year
CRISIL Ratings releases report titled India Incs credit quality on slippery wicket
29
2013: LOOKING BACK
2013: Looking back

October
CRISIL launches Ratings Analytics, an interactive web-based platform. It is a first-of-its-kind,

unique repository providing information on over 12,500 companies and 30,000 debt instruments
rated by CRISIL Ratings
Gurpreet Chhatwal, Senior Director and Global Head, Risk and Analytics, CRISIL GR&A,
chairs a session on credit and counterparty risk at the 19th Annual Risk USA Conference held in
New York
The CRISIL GR&A Business Development team at the Consulting Summit, a premier annual
event organised by the Consulting magazine, the flagship publication for consultants globally
CRISIL GR&A wins mandate from a large US-based asset management company to assist in
writing investment commentaries

October
(Extreme left) Dharmakirti Joshi participates as a panelist in the 6th edition of the HR Summit
organised by CII. The theme for the event was Reviving Economic Growth & Development:
Leveraging Human Capital
CRISIL Risk Solutions wins its first mandate in Kuwait an assignment for providing Internal
Capital Adequacy Assessment Process (ICAAP) consulting to Al Ahli Bank
November
CRISIL's 2nd Annual Seminar on Expanding Indias Corporate Bond Market
(From left) Roopa Kudva, Shri U. K. Sinha, Chairman, SEBI, Dr. Arvind Mayaram, Secretary,
Department of Economic Affairs, Ministry of Finance, and Mukesh Agarwal, at the launch of
The CRISIL Yearbook on the Indian Debt Market 2013
31
2013: LOOKING BACK
2013: Looking back

November
CRISIL launches new logo
(From right) Roopa Kudva in conversation with Riju Vashisht, Executive VP, Walmart India, at
the Global Advancement of Women Conference - India 2013
Roopa Kudva makes a presentation based on CRISILs State Of The Nation report at the Axis
Capital Annual Institutional Investor Conference

November
CRISIL GR&A wins mandates from
a large global investment bank for portfolio optimisation, a cutting-edge quant analytics
work stream
a Latin American wealth management and financial services firm
(From right) Gurpreet Chhatwal and Vikas Tyagi, Director, Business Development, CRISIL
GR&A, at the Annual Risk Management Conference 2013, Philadelphia
CRISIL Research launches security-level valuation for all debt-securities held by mutual fund
houses
33
2013: LOOKING BACK
2013: Looking back

November
CRISIL Research publishes report titled In terms of durables, Punjab is the most
prosperous, MP the least. The report released indices named Prosperity Index and Equality
Index which measures and compares living standards between and within Indias large states
Raman Uberoi makes a presentation on PPPs in India at a Summit organised by the Ministry of
Finance and Asian Development Bank (ADB)
CRISIL's Bank Loan Ratings crosses the 15,000 mark

December
(Extreme right) Ramnath Iyer wins the Dataquest Editors Choice CIO Excellence Award
2013 for his role in applying technology to deliver superior analytics, improve processes and
support the organisations growth
(From left) Saurabh Nigam, Director, Corporate Technology, CRISIL, receives the NEXT100
Award from Mylaraiah J, Country Manager, TE Connectivity. The Award identifies 100
experienced IT managers who have the skills, talent and spirit to become CIOs (Chief Information
Officers) in future
CRISIL Ratings releases a report titled Telcos profit growth to double in 2 years
CRISIL GR&A hosts a roundtable titled Conversation with the US Regulators to provide
greater clarity to the US banking industry on the emerging regulations and expectations in
stress testing and model risk management
35
2013: LOOKING BACK
2013: Looking back

December
CRISIL Research releases a report titled Financing Fiscal Deficit through PSU
Dividends
CRISIL Research launches Research Plus, a new premium module of the web-
based platform www.crisilresearch.com, to offer additional features including sector-
wise ratings data, important industry news with CRISIL Researchs commentary and
sector-wise financial aggregates
CRISIL Risk Solutions wins mandate from NKGSB Bank, the first credit processing
system mandate in cooperative banking segment
CRISILs China research centre crosses the 50-people mark
CRISIL Gender Diversity:
More than a third of the workforce

comprises women
Women constitute 14% of the

leadership roles
(From left) Suprabha A. D., Global Head,

Financial Research, CRISIL GR&A and
Priti Arora, Senior Director, Global
Analytical Centre, part of CRISILs
leadership team

Publications
CRISIL
The CRISIL Inclusix report sums up the findings

of CRISIL Inclusix, an index that comprehensively
measures the progress of financial inclusion in India
The CRISIL Yearbook On The Indian Debt Market 2013, is

Indias first and one-of-its-kind comprehensive publication
on the evolution of the Indian bond market in the last
decade and its current status
CRISILs State Of The Nation report is a unique top-down-

meets-bottom-up analysis that offers a holistic perspective
on the Indian economy, sectors and companies
37
PUBLICATIONS
Publications
Ratings
CRISIL Industry Insights

series covers 20
industries and 6,846
CRISIL-rated entities
A CRISIL report on how ratings can catalyse the growth

of MSMEs

Ratings
A CRISIL SME Industry Insight on auto components

and ancillaries
Global Research
& Analytics
The global investment manager survey report on

cross-asset correlation
CRISIL Insight series

on global economy
and markets
39
PUBLICATIONS
Publications
Research
CRISIL Insight series

on the business
environment in India

Research
CRISIL Opinion series on key themes in the

Indian economy and sectors
CRISIL Risk &

Infrastructure Solutions
Decentralisation of Urban Growth Promoting

Satellite Cities, a study on how to improve the quality
of life in urban India and make urban agglomerations
more competitive
41
CRISIL IN MEDIA
CRISIL in media
Thought Leadership*

*These news articles have been printed with permission from the respective media houses.
43
CORPORATE SUSTAINABILITY INITIATIVES
Corporate
Sustainability Initiatives
Small doses of good, in a sustained Manner
The CRISIL Foundation shows
the way
The CRISIL Foundation, launched

on March 6, 2013 as the companys
corporate social responsibility (CSR)
platform, has since launched a host of
initiatives aimed at giving back to the
society.
Harold (Terry) McGraw III addresses CRISILites at the launch of the

CRISIL Foundation
The Foundations current activities can be broadly clustered under the following heads:
1. Fostering financial literacy/awareness:
Financial awareness forms an integral part of CRISILs CSR agenda and integrates tightly with CRISILs role of making markets
function better.
Pragati: In 2012, CRISIL launched

a national financial awareness
initiative called Pragati Progress
through Financial Awareness
in Assam in partnership with
Rashtriya Gramin Vikas Nidhi
(RGVN), a non-governmental
organisation (NGO). Following its
success, the initiative was scaled
up this year to cover two more
North-Eastern States Sikkim
and Tripura. Under this initiative,
50 large-scale financial literacy
training camps were held across
the three identified states, in
addition to 90 household training
programmes across Assam. At
the end of the training, bank
accounts are being opened for
the participants in local bank
branches.
Pragati has also been rolled out

in Rajasthans Pali district in
partnership with Educate Girls,
another NGO. The target audience
Pragati workshops in progress

initially comprised 30 youth leaders known as Team Balikas and 10 Educate Girls staff members from Pali district. Based
on the success of the pilot, the initiative was rolled out across three districts of Rajasthan Sirohi and Jalore, besides Pali
covering 1,508 Team Balikas. These Team Balikas, in turn, will support promotion of financial awareness across 4,000
schools and the surrounding communities.
Volunteering to promote financial literacy: CRISIL Foundation launched a focused volunteering programme in partnership
with Swadhaar, a Mumbai-based NGO. Under this programme, employees volunteer their time for various activities
like imparting financial literacy training, tracking and monitoring household budget diaries, developing business
entrepreneurship modules, tracking tools and other similar activities.
2. Promoting financial inclusion:
CRISIL Inclusix: Honourable Finance Minister of India, Shri P. Chidambaram along with Shri Rajiv Takru, Secretary, Financial
Services, Ministry of Finance and Roopa Kudva launched CRISIL Inclusix, an index that comprehensively measures
financial inclusion in India. The index uses a statistically robust, transparent, and easy-to-understand methodology.
It is a relative index on a scale of 0 to 100 and combines three critical parameters of basic banking services branch
penetration, deposit penetration and credit penetration into one metric. Over time, as consistent and comprehensive
data become available, additional services like insurance and microfinance can be added.
Path to progress through financial

Inclusion: CRISIL partnered
Bloomberg TV India and Financial
Inclusion Network & Operations
Limited (FINO) as a knowledge
partner for a series of panel
discussions in five states on
the theme Path to progress
through financial inclusion. Shri
Montek Singh Ahluwalia, Deputy
Chairman, Planning Commission
of India, was the guest of honour
at the event in New Delhi. CRISIL
prepared five co-branded reports
based on the panel discussions in
each of these states. RBI Deputy
Governor Shri K. C. Chakrabarty
released the consolidated report Path to Progress through Financial Inclusion Report
in the grand finale held in Mumbai.
Payment by Results (PbR): The

CRISIL Foundation, along with
Educate Girls, launched PbR, a
mechanism for funding social
sector initiatives, for the first time
in India.
45
CORPORATE SUSTAINABILITY INITIATIVES
Corporate
Sustainability Initiatives
3. Giving back to society
Uttarakhand relief: Around Rs. 15 lakh was donated through payroll contribution by employees of CRISIL and its subsidiary
companies. This donation was handed over to United Way Mumbai, an NGO which organised relief and rehabilitation of
the communities devastated by the Uttarakhand flash floods.
Joy of Giving activities: This

year, the Joy of Giving week was
extended to three weeks. Various
activities were organised to
promote the spirit of volunteering
among employees:
Cause-related awareness
and donations were
promoted through Wish
Trees set up at four office
locations. Employees donated
Rs. 59,260 through Wish
Trees, which promoted
causes like girl childs
education, disability aids
and sports utility items for
underprivileged children.
A collection drive was

organised at CRISIL. Over
6,822 articles of clothes,
toys, books and stationery
were collected in around two
weeks.
Multiple NGOs were invited

to exhibit their products at
various office locations of
CRISIL. These NGOs sold goods Joy of Giving moments
worth Rs. 25,605.
CRISIL promoted the cause

of financial literacy under
the India Giving Challenge,
by supporting RGVN
Pragatis partner in the North-
East. Employees made a
contribution of Rs. 4,42,857
from their payroll accounts to
support the NGO.

Saying thank you to the Mumbai
Police: CRISIL expressed its
gratitude to Mumbai Police for
their selfless service to the
community by presenting rain-
suits to the Powai police force.
D.R. Nagaraj, Associate Director, Security & Safety presenting a rain suit to
Y.L. Jadhav, Senior Inspector, Powai Police Station
Spreading awareness about

Green Buildings: Students from
Bombay Scottish School were
taken on a tour of CRISIL House,
one of the very few Platinum-
rated LEED certified buildings
in the country, and introduced
to the environment-friendly
operating practices adopted by
the organisation.
Students from Bombay Scottish School at the CRISIL House Atrium
Running for a cause: This year too

CRISIL encouraged its employees
to take part in the Run Powai
Run marathon, which saw
over 161 CRISILites participate.
CRISIL sponsored 100 of its
employees who participated in
the marathon. The sponsorship
amount will be utilised by The
Rotary Club, Mumbai Lakers, to
set up a computer education
centre at Vidya, an NGO providing
education for underprivileged
children and youth.
Euphoria overcomes exertion for CRISILites after the run
47
Statutory
ReportS

Board of Directors
Mr. Douglas L. Peterson is President of Citigroup Japan, Country Manager
and Chief Executive Officer of McGraw for Costa Rica and Uruguay, and Chief
Hill Financial, a leader in credit ratings, Auditor of Citigroup.
benchmarks and analytics for the
global capital and commodity markets. Mr. Peterson serves on the Board of
Mr. Peterson, 55, was elected President Directors of McGraw Hill Financial,
and Chief Executive Officer of McGraw the Federal Deposit Insurance
Hill Financial, effective November Corporations Systemic Resolution
2013. He joined the Company in Advisory Committee, the Institute
September 2011 and served as of International Finances Market
President of Standard & Poors Ratings Monitoring Group, the Boards of
Services. Advisors of Wharton Financial
Institutions Center and the Kravis
MR. DOUGLAS L. PETERSON Previously, Mr. Peterson was the Leadership Institute, and the Boards
Chief Operating Officer of Citibank, of Trustees of Claremont McKenna
Chairman
N.A., Citigroups principal banking College and the Paul Taylor Dance
entity that operates in more than Company.
100 countries. Mr. Peterson was with
Citigroup for 26 years, during which Mr. Peterson received an MBA from
time he transformed businesses and the Wharton School at the University
drove performance in investment and of Pennsylvania and an undergraduate
corporate banking, brokerage, asset degree in mathematics and history at
management, private equity, and retail Claremont McKenna College.
banking. His prior roles include CEO
Mr. H. N. Sinor has been a veteran Chief Executive where he was the
banker having spent over four decades spokesperson for the Banking Industry
in banking. Starting his career in 1965, from June 2003 to 2008. Later, in
he has worked in Central Bank of India, February 2010, he joined Association
Union Bank of India and ICICI Bank from of Mutual Funds in India, in a similar
where he retired in May 2003. During capacity where he continues till now.
his long career, he worked in various He is also an Independent Director on
capacities both in the public sector as boards of several companies in ICICI
well as in the private sector banks. He Group and the Tata Group, besides
was Managing Director and CEO of ICICI being Non-Whole-time Chairman of 3i
Bank from July 1997 to March 2002 and Infotech Limited and Themis Medicare
post merger of ICICI with ICICI Bank, Limited.
he became Joint Managing Director
MR. H. N. SINOR till his superannuation. He, thereafter,
Director joined Indian Banks Association as
49
BOARD OF DIRECTORS
Board of Directors
Dr. Nachiket Mor is a Yale World Fellow; Advisory Council. He currently serves
has a Ph.D. in Economics from the as a member of the RBI Board of
Graduate School of Arts and Sciences Directors Standing Committee on
at the University of Pennsylvania, Financial Inclusion; the Research
with a specialization in Finance Advisory Council of the RBIs Centre
from the Wharton School; an MBA in for Advanced Financial Research and
Finance from the Indian Institute of Learning; and the Standing Council of
Management, Ahmedabad; and an Experts on the Indian Financial Sector
undergraduate degree in Physics from of the Ministry of Finance, Government
the Mumbai University. of India.
Dr. Mor worked with ICICI from 1987

to 2007 and was a member of its
DR. NACHIKET MOR Board of Directors from 2001 to 2007.
From 2007 to 2011, he served as the
Director
founding President of ICICI Foundation
and during this period was also the
Chair of the Governing Council of IFMR
Trust and Board Chair of FINO. He is
now the Board Chair of CARE India
and, among others, is also a member of
Reserve Bank of Indias Eastern Area
Local Board and Central Board; and the
Boards of IKP Centre for Technologies
in Public Health and CRISIL. In the past
he has also served as a Board Member
of Wipro for five years and Board Chair
of the Fixed Income Money Market and
Derivatives Association of India for
two years.
During 2011-12 he served as a member

of the High Level Expert Group on
Universal Health Coverage appointed
by the Planning Commission, and
during 2012-13 as a member of the
Health Sub-Committee of the National

Mr. M. Damodaran is a member of He is presently Advisor and Chief
the premier Indian Administrative Representative in India for the ING
Service (IAS), Manipur-Tripura cadre, Bank of Netherlands and a Director
since 1971, and has held a number of on Boards of some of Indias leading
important positions in both the Central companies. He is the founder of
and State Governments and in Indias Excellence Enablers, an initiative that
Financial Sector, before demitting addresses coaching and mentoring
office as Chairman, Securities and needs of corporate India and
Exchange Board of India (SEBI) focuses on improvement of Board
in 2008. After a career spanning performance. He is the Chairman of
several regulatory and developmental Glocal Healthcare Systems, a recent
assignments in the state of Tripura, he pioneering pan-India effort to provide
was appointed as its Chief Secretary in quality healthcare at affordable costs
MR. M. DAMODARAN 1992, the youngest ever in the country to Indians in the underserved rural
Director to hold such a position in the State areas. He is the Chairman of Ministry
Government. Thereafter, he worked of Corporate Affairs Committee for
as Joint Secretary in the Ministry of Reforming the Regulatory Environment
Finance, Banking Division, for five years, for doing Business in India. He has
dealing with Governments ownership been appointed by the Government
functions of Public Sector Banks of India as the first Chairman of the
and being its interface with Reserve Society and Board of Governors of the
Bank of India (RBI). In 2001, he was Indian Institute of Management (IIM),
appointed the Chairman of Unit Trust Tiruchirappalli.
of India (UTI) to rescue Indias largest
and oldest investment institution He is widely acknowledged as one of
which had collapsed. His restoring of Indias foremost champion of Corporate
UTI to health and strength is widely Governance and has won several
acknowledged as the most successful awards for Leadership, Governance,
turnaround story in Indias Financial Transformation and Public Service.
Sector. He was simultaneously given His areas of expertise include
charge of Industrial Development Bank Financial Management, Securities
of India (IDBI), another of Indias major Markets, Corporate Governance, Public
financial institutions, which too was Administration and Leadership. He is
restructured by him in an innovative presently an independent consultant
manner, pulling it back from the and corporate advisor, coach and
brink, transforming it to a bank, and mentor and sits on the Boards of
merging it with another commercial several reputed companies.
bank. As Chairman of SEBI, he brought
improved practices to Indias securities
market. During his tenure at SEBI, he
was elected Chairman of 80 member
Emerging Markets Committee of the
International Organisation of Securities
Commissions (IOSCO).
51
BOARD OF DIRECTORS
Board of Directors
Ms. Vinita Bali is presently the Managing Ms. Vinita Bali also serves as an
Director of Britannia Industries, Indias Independent Director on the Boards of
publicly listed premier food company Syngenta International AG and GAIN,
with 2013 revenue in excess of in addition to other corporate boards in
USD 1 Billion. She took this role in India. Ms. Vinita Bali is one among 27
January 2005 following 16 years of global leaders appointed by the UN to
overseas assignments in a variety of help improve maternal and child health
leadership positions in marketing and as part of its Scaling up Nutrition
general management with eminent initiative.
multinationals like The Coca-Cola
Company and Cadbury Schweppes PLC. Ms. Vinita Bali has been recognised in
Ms. Vinita Bali has lived and worked in forums nationally and internationally
the UK, Nigeria, South Africa, Chile and and won several awards for her
MS. VINITA BALI the USA, in addition to India. various contributions to business.
Director
In the nine years that Ms. Vinita Bali has
been in Britannia, she has significantly
diversified the product and geographic
portfolio and delivered the highest
ever growth. Britannia has also been
at the forefront of several initiatives
to address malnutrition, both as a part
of its business model and through the
Britannia Nutrition Foundation, created
in 2009.
Mr. David Pearce is a Senior Vice Hill Companies and as Vice President,
President, Finance for Standard & European Finance for Standard &
Poors and McGraw-Hill Financial - Poors.
EMEA and Asia-Pacific. He joined
Standard & Poors in 1997 when Mr. David Pearce is a Board Member
McGraw-Hill acquired Micropal, where for a number of international legal
he was Group Financial Controller. entities, most notably CRISIL Limited,
Following the acquisition, he served as Standard & Poors CMS Europe Limited
Finance Director for Standard & Poors and Standard & Poors CMS Srl (Italy).
Funds Services, as Vice President and
European Controller for the McGraw-
MR. DAVID PEARCE

Director

Mr. Yann Le Pallec is Standard & Before his appointment in December
Poors Executive Managing Director 2011, Mr. Yann Le Pallec occupied
for Europe, Middle East, and Africa various managerial and analytical
(EMEA). Mr. Yann Le Pallec is a member positions at S&P including Head of EMEA
of Standard & Poors Ratings Services Corporate and Government Ratings
Executive Committee and reports to (from August 2010 until December
Mr. Neeraj Sahai, its President. 2011), Regional Practice Leader for
EMEA Sovereign, International Public
Based in Paris, Mr. Yann Le Pallec leads Finance and Insurance Ratings (from
a team of over 500 ratings analysts July 2009 until August 2010), Regional
and support staff operating from Practice Leader for EMEA Insurance
11 offices: Paris, London, Frankfurt, Ratings (from December 2006 until
Madrid, Milan, Moscow, Stockholm, July 2009).
MR. YANN LE PALLEC Dubai, Johannesburg, Tel Aviv, and
Director Istanbul. Standard & Poors is the Before joining S&P in 1999, Mr. Yann
market leader in credit ratings in EMEA, Le Pallec was a senior manager with
covering more than 1,000 companies, Paris-based audit firm Salustro Reydel.
financial institutions, insurers, public He holds a masters degree in Business
sector entities, and sovereigns. from Ecole Suprieure des Sciences
Economique et Commerciales (ESSEC)
in France.
Mr. Ravinder Singhania is the as the Supreme Court Bar Association.

Managing Partner of Rajani, Singhania He is a consultant to the World Bank
& Partners, Advocates & Solicitors. and Organization for Economic
Mr. Singhania currently serves on Co-Operation and Development
the Board of several multinational (OECD). He is a Co-Chairman of Law
companies Indian subsidiaries such & Justice Committee of PHD Chamber
as National Instruments, American of Commerce.
Bureau of Shipping etc. as well as
listed companies such as Unitech Mr. Singhania is the country
Limited. He is the former Governing representative for Sweet & Maxells
Body Member of Indian Council of International Company & Commercial
Arbitration and Vice Chairman of Asia Law Review and has also authored
Pacific Committee of American Bar India chapters in books titled
MR. RAVINDER SINGHANIA Association. He is a member of the Law Product Liability in Asia Pacific and
Alternate Director Society of England & Wales, Chartered Employment Laws in Asia. He holds
(alternate to Mr. Douglas L. Peterson, Institute of Arbitrators, London as well a bachelors degree in Commerce
Mr. David Pearce and Mr. Yann Le Pallec) and Law from Delhi University. He is
admitted to practice law in India as
an Advocate and as a Solicitor of the
Supreme Court of England and Wales.
53
BOARD OF DIRECTORS
Board of Directors
Ms. Roopa Kudva is Managing Director of the Securities and Exchange Board
and Chief Executive Officer of CRISIL. of India and the Reserve Bank of India.
Ms. Kudva was appointed Managing She has also been a member of the
Director and Chief Executive Officer Executive Council of NASSCOM.
of CRISIL in 2007. CRISIL has evolved
under her leadership into a diversified Ms. Kudva holds a postgraduate
analytical platform with a global client diploma in management from Indian
base and delivery footprint, while Institute of Management, Ahmedabad
remaining the undisputed thought (IIM-A) and also received the
leader in all its segments. During her Distinguished Alumnus Award from
tenure, CRISIL has pioneered several her alma mater.
innovations including rating of mid-
sized and small Indian companies, and
MS. ROOPA KUDVA
the publication of independent equity
Managing Director and
research in India.
Chief Executive Officer
Earlier, she led CRISILs ratings
business, and also led CRISILs foray
into global research and analytics.
Ms. Kudva regularly features in lists of

the most powerful women in business
compiled by prominent publications,
including Fortune and Business Today.
She was chosen as Outstanding
Woman Business Leader of The Year
at CNBC TV18s India Business Leader
Awards 2012.
Ms. Kudva is a member of several policy-

level committees relating to the Indian
financial system, including committees

SENIOR MANAGEMENT COMMITTEES OF THE BOARD
Ms. Roopa Kudva (as reconstituted effective February 14, 2014)
Managing Director & Chief Executive Officer, CRISIL 1. AUDIT COMMITTEE
Mr. H. N. Sinor, Chairman
Mr. Arun Panicker
Mr. M. Damodaran
Chief Analytical Officer - CRISIL Ratings Dr. Nachiket Mor
Mr. David Pearce
Mr. Ramraj Pai
President, Business Head - Ratings, Large Corporates 2. NOMINATION AND REMUNERATION
Mr. Subodh Rai COMMITTEE
Senior Director, Business Head - Ratings, Mid-Corporates Mr. H. N. Sinor, Chairman
Ms. Vinita Bali
Mr. Sachin Nigam Mr. Douglas L. Peterson
President, Business Head - Ratings, SME
3. STAKEHOLDERS RELATIONSHIP
Mr. Gurpreet Chhatwal COMMITTEE
Senior Director - Global Head of Risk & Analytics Mr. M. Damodaran, Chairman
Mr. Yann Le Pallec
Ms. Suprabha A. D.
Ms. Roopa Kudva
Senior Director - Global Head of Financial Research
4. CORPORATE SOCIAL RESPONSIBILITY
Mr. Ramnath Iyer
COMMITTEE
Senior Director - Global Head of Corporate Research and
Dr. Nachiket Mor, Chairman
Chief Technology Officer
Ms. Vinita Bali
Mr. Pankaj Jain Ms. Roopa Kudva
Senior Director - Global Head of Sales
5. INVESTMENT COMMITTEE
Mr. Stephane Besson Ms. Vinita Bali, Chairperson
Chief Executive Officer, Coalition Mr. M. Damodaran
Mr. David Pearce
Mr. Mukesh Agarwal Ms. Roopa Kudva
President - CRISIL Research
6. ALLOTMENT COMMITTEE
Mr. Raman Uberoi
Dr. Nachiket Mor, Chairman
President - Corporate Affairs Ms. Vinita Bali
Mr. G. Ravishankar Mr. M. Damodaran
Ms. Roopa Kudva
President - Human Resources and Strategy
Mr. V. Srinivasan
Chief Operating Officer
CHIEF FINANCIAL OFFICER SOLICITORS SHARE TRANSFER AGENT

Mr. Dinesh Sharma Wadia Ghandy & Co. Karvy House, 21, Avenue 4,
Plot No.17 to 24, Near Image Hospital,
COMPANY SECRETARY BANKERS Vittalrao Nagar, Madhapur,
Mr. Neelabja Chakrabarty ICICI Bank Limited Hyderabad 500 081
Phone No. 040-23420818-828
Andhra Bank Fax. No. 040-23420814
AUDITORS Citibank N.A.
S. R. Batliboi & Co. LLP, Chartered REGISTERED OFFICE
HDFC Bank Limited
Accountants
Deutsche Bank CRISIL House,
Central Avenue,
Hiranandani Business Park,
Powai, Mumbai 400 076
55
Directors
Report

Dear Member,
The Directors are pleased to present to you the 27th Annual Report of CRISIL Limited, along with the
audited accounts, for the year ended December 31, 2013.
PERFORMANCE
A summary of the Companys financial performance in 2013:
(Rupees in crore)
Standalone Consolidated
Particulars
2013 2012 2013 2012
Total income for the year was 832.18 759.25 1,147.28 998.10
Profit before depreciation and taxes was 312.57 294.21 397.19 348.01
Deducting depreciation of 23.22 23.92 37.92 34.32
Profit before exceptional item 289.35 270.29 359.27 313.69
Exceptional item 99.36 - 65.89 -
Profit before tax was 388.71 270.29 425.16 313.69
Deducting taxes of 107.52 77.42 127.33 93.29
Profit after tax was 281.19 192.87 297.83 220.40
The proposed appropriations are:
Dividend 134.15 112.32 134.15 112.32
Corporate dividend tax 23.02 18.22 23.15 18.34
General reserve 28.12 19.29 28.12 19.29
Balance carried forward is 95.90 43.04 112.42 70.45
DIVIDEND
The Directors recommend for approval of the members at the Annual General Meeting to be held on April
17, 2014, payment of Final Dividend of Rs. 4 and a Special Dividend of Rs. 6 per equity share of face
value of Re. 1 each for the year under review. During the year, the Company paid three interim dividends
of Rs. 3 each per equity share of face value of Re. 1 each. The total dividend for the year works out to
Rs. 19 per share on a face value of Re. 1 per share in 2013 (including a Special Dividend of Rs. 6 per share)
as against Rs. 16 per share (including a Special Dividend of Rs. 3 per share) on a face value of Re. 1 per
share in the previous year.
57
DIRECTORS REPORT
VOLUNTARY OPEN OFFER BY MCGRAW HILL REVIEW OF OPERATIONS - 2013

FINANCIAL, INC. A. RATINGS
During the year, McGraw Hill Financial, Inc. (MHFI), through Highlights
its subsidiary McGraw-Hill Asian Holdings (Singapore)
Announced 3,106 new bank loan ratings (BLRs); total
Pte Limited, announced a Voluntary Open Offer to the
BLRs outstanding exceed 12,100
shareholders of CRISIL Limited under Regulation 6 of
the Securities and Exchange Board of India (Substantial Assigned 12,857 SME ratings during the year
Acquisition of Shares and Takeovers) Regulations, 2011 to Increased support to Standard & Poors through Global
acquire up to 15,670,372 equity shares, representing 22.23% Analytical Centre (GAC), adding more groups and more
of the total equity shares outstanding in CRISIL Limited, at a complex analytical requirements on a larger scale
price of Rs. 1,210 per share.
Business Environment
The offer was made by McGraw-Hill Asian Holdings The Indian economy and business environment remained
(Singapore) Pte Limited (the acquirer) along with S&P India subdued during 2013 owing to slowing demand, high
LLC, Standard & Poors International LLC and McGraw Hill inflation and tight liquidity, made worse in the second half
Financial, Inc., in their capacity as Persons acting in Concert by a volatile rupee and high interest rates. All this meant
with the acquirer. a weak investment climate - with large projects getting
The tender period under the offer was from July 24, 2013 to deferred - and subdued debt markets.
August 6, 2013. The total number of shares tendered under Bond market issuances saw a trend reversal - the volume
the Offer was 10,623,059 representing 15.07% of the share dropped 13% in the first half of this year compared with
capital of the Company. Consequently, the shareholding of a 39% growth seen in the year ending March 31, 2013,
MHFI increased from 52.77% to 67.84% of the share capital primarily due to a decrease in issuances from the regular
of the Company. issuers. But in a sign of structural strengthening of the bond
market, the number of issuers accessing the bond market
INCREASE IN ISSUED, SUBSCRIBED AND PAID- increased, led by private sector players.
UP EQUITY SHARE CAPITAL The securitisation market sagged in 2013 because lack
During the year, the Company issued and allotted 402,080 of clarity on taxation issues curbed investor appetite for
equity shares of the Company to eligible employees on structured paper.
exercise of options granted under Employee Stock Option
Scheme 2011 and 15,070 equity shares of the Company BLRs, however, continued to show healthy growth, with
to eligible employees on exercise of options granted under numerous small corporates opting for ratings despite the
Employee Stock Option Scheme 2012. Consequently, the sluggish environment. The BLR market is expected to remain
issued, subscribed and paidup capital of the Company buoyant due to the growing trend among small companies,
increased from 70,235,740 equity shares of Re. 1 each to of getting their loans rated.
70,652,890 equity shares of Re. 1 each. The bond market could rebound in the latter half of 2014
if expectations of a stable domestic business environment,
SALE OF SHAREHOLDING IN INDIA INDEX higher growth and lower interest rates materialise. Measures
taken by policymakers and regulators to develop the bond
SERVICES AND PRODUCTS LIMITED
During the year, CRISIL sold its equity shareholding in India
Index Services and Products Limited (IISL), CRISILs joint
venture with the National Stock Exchange of India Limited. CRISIL Ratings instituted several innovations
CRISIL sold 637,000 equity shares of IISL of face value aimed at development of the corporate bond
Rs. 10 each, representing 49% of the total equity share market in 2013. We rated Indias first:
capital of IISL, to NSE Strategic Investment Corporation Basel III-compliant Tier-II bond
Limited for a total consideration of Rs. 100 crore.
Inflation-indexed debenture
Infrastructure debt fund - NBFC

market and the improving macroeconomic environment are B. RESEARCH
expected to strengthen the markets long-term prospects.
B.1. Global Research & Analytics (GR&A)
SME ratings showed healthy growth during the year despite [Includes Financial Research / Risk & Analytics (Irevna),
the challenging business environment. Enhanced awareness Corporate Research and Coalition]
about the benefits of ratings, banks growing acceptance Highlights
of CRISILs SME ratings, and CRISILs intensive outreach
Added large and marquee clients including a number
initiatives and expansion into new markets are expected to
of buy-side and private equity firms, global financial
drive demand in 2014.
institutions and corporates
Operations Investments in the Risk & Analytics vertical and a
CRISIL Ratings maintained its market leadership in 2013 product-based go-to-market strategy in Corporate
backed by strong performance in its bond ratings, bank Research are providing impetus to new client addition
loan ratings and SME ratings businesses. CRISIL announced Coalition grew strongly by adding new global investment
3,106 new BLRs and 12,857 SME ratings during the year. It banks as clients and successfully launching new products
has till date assigned more than 15,600 BLRs and 60,000
SME ratings/assessments. CRISIL Real Estate Star (CREST) Business Environment
Ratings has been well accepted in the real estate sector In 2013, the global economic environment remained subdued
despite an improvement over 2012. The European economy
CRISIL announced 3,106 new BLRs and 12,857 remained weak with no near-term signs of recovery, while
SME ratings during the year. It has till date the US economy was on a recovery path. In 2013, the global
assigned more than 15,600 BLRs and 60,000 banking industry remained stressed with lower profitability
despite recovery in trading volumes in certain asset classes.
SME ratings/assessments.
Banks are focusing on improving cost-to-income ratios of
their businesses, which led to stretched decision cycles, tough
pricing negotiations and tight client budgets.
and witnessed significant demand this year, with leading
developers across cities choosing to get their projects rated The Coalition Index that tracks the performance of top 10
by CRISIL. global investment banks for 2013 was down 4% after growing
10% in 2012. It is a strong barometer of the performance of
In 2013, CRISIL Ratings rated various innovative instruments
the global investment banking industry. The Coalition Index
in the corporate bond market, such as Indias first Basel III-
2013 total revenues of USD 153 billion continue to be far
compliant Tier-II bond, the first inflation-indexed debenture,
behind the year 2009 number of USD 223 billion. In 2013,
the first 50-year rupee bond and the first infrastructure debt
Fixed Income Currency and Commodities (FICC) revenues
fund through the NBFC route. These innovations were well declined by 19% (grew by 20% in 2012) as the European
received by the market and are seen as significant milestones Central Bank canned Long Term Refinancing Operations
in the deepening of the corporate bond market in India. (LTRO) and institutional activity decreased. In contrast, 2013
revenues from equity products surged by 24% after a 6%
CRISIL Ratings continued to conduct regular outreach
decline witnessed in 2012. Equity as an asset class returned
programmes aimed at providing insights on credit issues to
the best results since 2010. In 2013, Investment Banking
investors and market participants. These included opinion
revenues from mergers and acquisition, debt capital markets
pieces, bankers meetings, investor discussion forums and
and equity capital markets grew by 13% after a modest
seminars which helped CRISIL reach out to relevant stakeholders
growth of 1% in the previous year.
including issuers and investors across the country.
In the Financial Research vertical, we witnessed several
GAC continues to be closely integrated with Standard & client additions on the buy-side. We also continued to
Poors Ratings Services, extending the scope of its support pursue a number of mid-tier and regional banks across the
into areas such as risk and rating operations, deepening the globe. Addition of mid-tier banks to the client roster in 2012
engagement in structured finance ratings, and broadening augmented role additions in 2013.
the scope of support in Europe and the Asia-Pacific.
The continued focus and introduction of new service offerings
in the Risk & Analytics vertical, has resulted in a number of
clients engaging with us for our services to help mitigate the
59
DIRECTORS REPORT
challenges they are facing due to rapid regulatory changes. existing suite of analytics products by adding a number of
Building on the first-mover advantage in the global markets and new clients.
derivatives space, we have quickly achieved scale in new work
streams such as model validation and stress-testing support. Our global research centres continue to scale up. The China
research centre grew rapidly in 2013. We have expanded our
During the year, a revised go-to-market strategy provided client roster in Argentina and moved into a larger facility to
growth momentum in the Corporate Research vertical. A mid- accommodate growth plans.
year launch of web-based products using CRISILs proprietary
frameworks resulted in positive client responses and additions This year also saw a series of high-impact thought-leadership
to the client base. initiatives on topical issues, that shape decision-making
by our customers. Our global web conferences on critical
In 2013, Coalition delivered a strong performance driven topics saw active participation of fund managers, research
by its core Competitor and Client Analytics, which reported analysts, academicians and the media across the Americas,
solid growth, and the recently launched RWA (Risk Europe and Asia. We hosted a roundtable conference on
Weighted Assets) Analytics, which enjoyed a strong start. A risk analytics and published a comprehensive report on risk
comprehensive media strategy in each region has delivered and procurement analytics at the NASSCOM Big Data and
results, leading to significant improvement in our reach Analytics Summit 2013. We have also initiated a relationship
among prospective clients. Coalition added new clients with a leading industry education body to produce research.
among the top 20 global investment banks and renewed its
exclusive relationship with a leading consulting firm.
Operations Our global research centres continue to scale

up. The China research centre grew rapidly in
Investments made in 2012 towards new approaches sales
team, work streams and go-to-market strategies began
2013. We have expanded our client roster in
showing results in 2013. This has led to an expansion of our
Argentina and moved into a larger facility to
existing customer base, addition of clients in newer work accommodate growth plans.
streams and strengthening of relationships with existing
clients. We also took a number of steps to manage costs
through pruning of database costs, reduction in IT and B.2. India Research
infrastructure costs by consolidating research centres and Highlights
tighter control of headcount.
Launched Research Plus to further enhance our leading,
In the Risk & Analytics vertical, we built scale of operations near-real-time web platform offering economy, industry
in model validation and stress-testing by hiring number of and company research
subject experts, developing robust training modules and Rolled out security-level valuations for the debt
putting in place strong process and quality measures. These securities owned by mutual funds
steps have resulted in positive client feedback and opened
new avenues of engagement. Launched CRISIL-AMFI Mutual Fund Performance
Indices jointly with the Association of Mutual Funds in
In Corporate Research, we took steps to productise the India across five categories
institutional knowledge built over the years by serving
Business Environment
global Fortune 500 companies in the areas of Key Account
Management and Competitive Intelligence. We launched The business environment remained challenging, with
two new products in the market - COMPASS, a key account the lowest GDP growth in a decade and a virtual halt in
management product, and CI 360, a competitive intelligence investments. This has impacted demand for research in India,
tool. Both products are built on strong analytical frameworks which is seen as a discretionary expense. To counter this,
that provide actionable insights to clients. The feedback from we continued to focus on enhancing our current offerings,
clients on these has been very positive. launching relevant new products, sharpening our value
proposition and increasing client engagement which will
Coalition continued its tradition of new product innovation support growth in coming years. An expected improvement
and launched Risk Weighted Assets (RWA) product that in the economic outlook in 2014 and a possible revival in the
witnessed a strong start. Coalition continued to grow its investment cycle augur well, too.

The slowdown in equity fundraising and capital market C.1. CRISIL Infrastructure Advisory Business
activities impacted demand for equity research and IPO Highlights
grading, while a sharp slowdown in corporate investment
Continued focus on international business and working
cycle impacted demand for customised research. On the other
with multilateral agencies resulted in execution of a
hand, industry research and funds and fixed-income research
number of high-profile assignments
displayed steady growth.
Worked with central and state government departments in
Operations formulating, advising and implementing plan and policies in
CRISIL Research continued to proactively launch products that the areas of urban development, coal, food and power
address the evolving market dynamics.
Business environment
As part of our ongoing efforts to enhance the utility of The economic environment in India continued to be
our flagship industry research product, we have added challenging during the year, particularly for the infrastructure
new premium content to our near-real-time web platform sector. Several projects were stuck, or made little progress,
www.crisilresearch.com, offering economy, industry and owing to lack of policy and regulation clarity, while the
company research. The new module, called Research Plus, milieu impacted the viability of some others. The stress in
offers additional features, including sector-wise ratings the financial sector compounded the challenges.
data and important industry news with CRISIL Researchs
commentary and sector-wise financial aggregates.
We won large and prestigious mandates
We focused on building capabilities in project viability studies. in Indonesia, Laos and Vietnam in Southeast
Our high-quality research and customer orientation is reflected Asia, and Tanzania, Malawi and Namibia
in the repeat business that we have won from clients. in Africa.
As a mark of our commitment to providing solutions that
make markets function better, we successfully rolled out The investments of USD 1 trillion envisaged in infrastructure in
security-level valuations for the debt securities owned by India during the 12th Five Year Plan period present a sizeable
mutual funds. Independent security-level valuations from opportunity over a medium term. However, we expect a muted
CRISIL Research will ensure uniformity in prices used by first half in 2014, given the general elections. Investments
mutual funds for valuation of debt securities. in the infrastructure sector are likely to pick up only in the
second half of the year as clarity emerges on key policies.
In addition, CRISIL Research and the Association of Mutual
Funds in India (AMFI) jointly launched the CRISIL-AMFI Operations
Mutual Fund Performance Indices across five categories to
There was sharper focus on Africa and Southeast Asia,
represent the performance of various mutual fund categories
which got a boost from long-term multilateral spending
and enable comparison with benchmarks across timeframes
programmes this year. We won large and prestigious
and market cycles.
mandates in Indonesia, Laos and Vietnam in Southeast Asia,
The CRISIL Centre for Economic Research (C-CER) continued and Tanzania, Malawi and Namibia in Africa.
to focus on research on the macroeconomic situation in India,
We saw a significant increase in the average ticket size of
consistently building CRISILs franchise in Indian and global
business won during the year following better focus and
media, and positioning the company as the foremost analytics-
cherry-picking of mandates.
based commentator on the economy. C-CER published a number
of high impact thought leadership articles covering a range of The business has also built up a healthy order book to sustain
contemporary macroeconomic issues like food security, GDP growth during 2014.
and standard of living across states which received wide
recognition from market participants and the media. C.2. CRISIL Risk Solutions (CRS)
Highlights
C. INFRASTRUCTURE ADVISORY AND RISK
Saw much success in new markets such as Egypt, Kuwait
SOLUTIONS and Philippines
CRISIL conducts its infrastructure advisory and risk solutions
Launched a first-of-its-kind early warning solution,
business through its subsidiary, CRISIL Risk and Infrastructure
BRECON, aimed at solving the critical issue of early
Solutions Limited (CRIS).
detection of non-performing assets in the banking sector
61
DIRECTORS REPORT
Business environment Ratings, and Dharmakirti Joshi, Chief Economist, CRISIL, made
The overall business environment led to slower decision- presentations on the outlook for Indias debt markets and
making amongst potential clients, but there was increasing economy, respectively.
traction in the latter part of the year with banks expressing a
In addition, C-CER continued to provide an outlook on the
need to implement risk management systems and framework.
Indian economy to S&P.
CRS products and services across the risk spectrum are,
therefore, likely to be in increasing demand, especially for The collaboration between S&P Risk Solutions (now Capital
improving the credit quality and assessment processes. IQ) and CRISIL Risk Solutions, which was initiated last year to
jointly reach out to global markets, progressed well in 2013.
Operations
We saw increased traction in newer geographies such as
CRS maintained its focus on both consulting and software Saudi Arabia, Egypt and the UAE with large-ticket mandates
solutions, and won 22 mandates in 2013. from these regions this year. Leveraging on our synergies, we
plan to expand our global footprint with increased traction
CRS offerings enable banks to comply with regulatory
and business from both EMEA and Southeast Asia in 2014.
risk requirements. CRS moved a step ahead by assisting
banks in moving beyond compliance through its enhanced
E. CONTINUING THE THOUGHT LEADERSHIP
product suite of credit processing systems for loan life
cycle management and a unique early warning system TRADITION
which proactively assists banks in identifying potentially In 2013, we launched the CRISIL Inclusix, released the State
delinquent accounts. Of The Nation report and hosted the 2nd Annual bond market
seminar that significantly enhanced the thought leadership
These products will help banks augment their best practices position of CRISIL.
in credit risk management and have been developed by
leveraging on CRISILs pedigree in credit risk assessment. CRISIL Inclusix
In June, CRISIL launched Inclusix, an index that compre-
CRS reached out to newer markets across EMEA and
hensively measures financial inclusion in India at the
Southeast Asia, got new mandates and built a strong pipeline
national, regional and district levels. It was launched by
for future growth.
Honourable Finance Minister of India, Shri P. Chidambaram
There were multiple franchise initiatives undertaken during and Shri Rajiv Takru, Secretary, Department of Financial
the year. CRS conducted a knowledge-sharing seminar on Services, Ministry of Finance at an event attended by
operational risk in Singapore which 46 banks attended. CRS leading representatives of the government and industry.
was the lead speaker on Early Warning System in the Small The analytical excellence behind the indexs development
Business Banking Network Seminar at Dubai which was and its usefulness in measuring and furthering the cause of
attended by more than 60 banks. CRS also continued with financial inclusion in the country was well appreciated.
its engagements with the Reserve Bank of India through
The State Of The Nation report
presentations and training on risk management.
In September, CRISIL released the State Of The Nation
D. COLLABORATION WITH STANDARD & POORS report, a top-down-meets-bottom-up analysis using data
from 2,481 CRISIL rated investment-grade companies across
In 2013, CRISIL jointly organised a seminar with Standard
70 sectors. The report was well appreciated for its incisive
& Poors titled The global economic outlook and its impact
take on what was good, bad and ugly about the Indian
on the Indian capital markets. The keynote address titled
economy, and received widespread media coverage. Its
Global Economic Outlook was delivered by Paul Sheard,
timing coming as it did in the middle of the raging national
S&Ps Chief Global Economist. S&Ps Asia-Pacific Chief
debate on stagnating growth helped create a major impact.
Economist Paul Gruenwald participated in a panel discussion
titled How are Asian economic and sovereign trends shaping Annual bond market seminar
the Indian capital markets. Ramraj Pai, President, CRISIL
CRISIL organised the 2nd Annual seminar on expanding
Indias corporate bond market in November with the theme
Financing Indias Future. It was attended by around
CRS reached out to newer markets across 300 senior executives and government functionaries.
EMEA and Southeast Asia, got new The distinguished speakers included Shri U. K. Sinha,
mandates and built a strong pipeline for Chairman, Securities and Exchange Board of India (SEBI),
future growth.

Dr. Arvind Mayaram and Dr. K. P. Krishnan, Secretary and H. DIRECTORS
Additional Secretary, respectively, the Department of
CRISIL has made changes in its Board of Directors in January
Economic Affairs, Ministry of Finance, Government of India
2014 in view of the upcoming regulations which specify a
and Shri R. K. Nair, Member (Finance), Insurance Regulatory
maximum tenure of 10 years for independent directors. Even
Development Authority. Several corporate leaders also
though this provision is applicable on a prospective basis and
participated in two high-powered panel discussions organised
only once the new regulations come into force, the Board
at the event. CRISILs observations on the bond market and
of Directors of CRISIL felt it would be important to follow
the way forward resonated well with stakeholders and
the spirit of the provision to maintain the highest standards
policymakers. We also released The CRISIL Yearbook On The
of corporate governance. Accordingly, two independent
Indian Debt Market 2013.
directors, Mr. B.V. Bhargava and Ms. Rama Bijapurkar, who
have spent more than 10 years on the Board of Directors of
F. HUMAN RESOURCES CRISIL, had stepped down.
Highlights
Mr. B.V. Bhargava resigned as Director of the Company on
The CRISIL Young Leaders Development Programme
January 13, 2014. Your Directors wish to place on record their
was launched for mid-management employees. It aims
sincere appreciation of the valuable contribution made by
to develop leaders through structured interventions,
him to CRISIL.
stretch assignments and mentoring.
Global offices continued to build the CRISIL GR&A Ms. Rama Bijapurkar resigned as a Director of the Company
brand through partnership with premier universities, on January 13, 2014. Your Directors wish to place on record
sponsorship of events and job fairs. their sincere appreciation of the valuable contribution made
by her to CRISIL.
The focus continued on employee development
through in-house training modules. With over 97% of The Board of Directors appointed Mr. M. Damodaran and
the programmes being delivered by in-house trainers Ms. Vinita Bali as Additional Directors of the Company
and business leaders, it aggregated to over 23,298 with effect from January 14, 2014 and February 14, 2014
manhours or 3,883 mandays, with over 693 training respectively. Mr. M. Damodaran and Ms. Vinita Bali hold office
programmes conducted in the year. as Additional Directors until the next Annual General meeting.
Our talent development programme was strengthened with In accordance with the Articles of Association of the Company
the formation of a Talent Council, whose mandate is to draw and the provisions of the Companies Act, 1956, Dr. Nachiket
up people strategies and ensure the leadership pipeline Mor, Mr. Douglas L. Peterson and Mr. Yann Le Pallec retire by
across the organisation stays robust. The Council reviewed rotation and being eligible, seek re-appointment.
progress made by individuals under different programmes
twice during the year. I. AUDITORS
During the year under review, as per the internal policy of
G. SUBSIDIARIES the statutory auditors, M/s. S. R. Batliboi & Co. LLP, Chartered
As on December 31, 2013, the Company had four Indian and Accountants, wherein they rotate the partners for each of
seven overseas wholly owned subsidiaries. The Ministry their clients after every 3-5 years, Mr. Jayesh Gandhi had
of Corporate Affairs, Government of India, has granted a replaced Mr. Shrawan Jalan as partner for reviewing the
general exemption under Section 212 (8) of the Companies accounts of CRISIL.
Act, 1956 from the requirement of attaching detailed
M/s S. R. Batliboi & Co. LLP, Chartered Accountants, hold
financial statements of each subsidiary. The Board of
office up to the ensuing Annual General Meeting and being
Directors has passed a resolution on October 18, 2013 for
eligible, offer themselves for re-appointment.
not attaching individual annual reports of its subsidiary
companies to its Annual Report. In compliance with the The Board recommends their re-appointment.
exemption granted, a statement containing brief financial
details of these companies is included in the Annual Report. J. MANAGEMENTS DISCUSSION AND
Annual accounts of subsidiary companies and related ANALYSIS REPORT
information will be made available to shareholders who seek
The Managements Discussion and Analysis Report for the
such information.
year under review, as stipulated under Clause 49 of the
Listing Agreement with the Stock Exchanges in India, is
annexed to this report.
63
DIRECTORS REPORT
K. CORPORATE GOVERNANCE (iii) The Directors have taken proper and sufficient care
for the maintenance of adequate accounting records
The Company is committed to maintaining the highest
in accordance with the provisions of this Act for
standards of corporate governance and adhering to the
corporate governance requirements as set out by SEBI. The safeguarding the assets of the Company and for
report on corporate governance as stipulated under Clause preventing and detecting fraud and other irregularities.
49 of the Listing Agreement forms part of the Annual Report. (iv) The Directors have prepared the annual accounts for
The certificate from the auditors of the Company confirming financial year ended December 31, 2013 on a going
compliance with the conditions of corporate governance as concern basis.
stipulated under Clause 49 is annexed to this report.
Employee Stock Option Schemes
L. OTHERS The Company has two employee stock option schemes.
The Employee Stock Option Scheme - 2011 (ESOS 2011)
L.1 Particulars Regarding Conservation of was approved by the shareholders vide a special resolution
Energy, Technology Absorption, and Foreign passed through postal ballot on February 4, 2011. The
Exchange Earnings and Expenditure Employee Stock Option Scheme - 2012 (ESOS 2012) was
Particulars regarding foreign exchange earnings and approved by the shareholders vide a special resolution
expenditure appear as separate items in the notes to passed through postal ballot on April 10, 2012.
the Accounts. Since the Company does not own any
Summary Information on ESOS 2011 and ESOS 2012 of
manufacturing facility, the other particulars relating to
the Company is provided as Annexure to this Report. The
conservation of energy and technology absorption stipulated
information is being provided in compliance with Clause 12
in the Companies (Disclosure of Particulars in the Report of
of the Securities and Exchange Board of India (Employee
the Board of Directors) Rules, 1988 are not applicable.
Stock Option Scheme and Employee Stock Purchase Scheme)
Guidelines, 1999, as amended.
L.2. Particulars of Employees
During the year, 36 employees received remuneration of Acknowledgements
Rs. 6 million or more per annum. In accordance with the The Board of Directors wishes to thank the employees of
provisions of Section 217 (2A) of the Companies Act, 1956 and CRISIL for their exemplary dedication and the excellence they
the rules framed thereunder, the names and other particulars have displayed in conducting the operations of CRISIL. The
of employees are set out in the annexure to the Directors Board also wishes to place on record its sincere appreciation
Report. In terms of the provisions of Section 219(1)(b)(iv) of of the faith reposed in the professional integrity of CRISIL by
the Companies Act, 1956, the Directors Report is being sent customers and investors who have patronised its services.
to the shareholders without this annexure. Shareholders The Board acknowledges the splendid support provided by
interested in obtaining a copy of the annexure may write to market intermediaries. The affiliation with Standard & Poors
the Company Secretary at CRISILs registered office. has been a source of great strength. The Board of Directors
also wishes to place on record its gratitude for the faith
L.3. Directors Responsibility Statement as reposed in CRISIL by the Securities and Exchange Board of
Required under the Provisions Contained in India, the Reserve Bank of India, the Insurance Regulatory
Section 217(2AA) of the Companies Act, 1956 Development Authority, the Government of India, and the state
governments. The role played by the media in highlighting the
Your Directors hereby confirm that:
good work done by CRISIL is deeply appreciated.
(i) In the preparation of the annual accounts for financial
year ended December 31, 2013, the applicable accounting For and on behalf of the
standards have been followed. Board of Directors of CRISIL Limited
(ii) The Directors have selected such accounting policies
and applied them consistently and made judgments H. N. Sinor
and estimates that are reasonable and prudent so as to Director*
give a true and fair view of the state of affairs of the Mumbai, February 14, 2014
Company as on December 31, 2013 and of the profit of
* Chairman of the meeting of the Board of Directors held on February 14, 2014.
the Company for the year ended on that date.

ANNEXURE TO THE
DIRECTORS REPORT
INFORMATION REQUIRED TO BE DISCLOSED UNDER SECURITIES AND EXCHANGE BOARD
OF INDIA (EMPLOYEE STOCK OPTION SCHEME AND EMPLOYEE STOCK PURCHASE SCHEME)
GUIDELINES, 1999
Sr.
Description ESOS 2011 ESOS 2012
No.
1 Pricing formula 100% of the closing market 100% of the closing market
price immediately prior to the price immediately prior to the
date of grant on the Stock date of grant on the Stock
Exchange which recorded Exchange which recorded
highest trading volume highest trading volume
2. Options outstanding as on January 1, 2013 930,500* 891,700
3. Options granted between January 1, 2013 and
Nil Nil
December 31, 2013
4. Options vested during the year 434,000 178,140
5. Options exercised during the year 401,780 15,070
6. Total number of shares arising as a result of
401,780 15,070
exercise of Options
7. Options lapsed during the year 59,500 116,165
8. Total number of options in force at the end of the year 469,220 760,465
9. Money realised by the exercise of options
23.30 1.60
(Rs. in crore)
10. Grant to Senior Management Details given below Details given below
11. Diluted earnings per share pursuant to issue
of shares on exercise of option calculated in 37.49 37.49
accordance with AS 20 Earnings per Share (Rs.)
12. Weighted average exercise price (Rs.) of the
options whose :
a. Exercise price equals market price 579.88 1,060.00
b. Exercise price is greater than market price N.A. N.A.
c. Exercise price is less than market price N.A. N.A.
13. Weighted average fair value (Rs.) of the options whose :
a. Exercise price equals market price 184.49 320.08
b. Exercise price is greater than market price N.A. N.A.
c. Exercise price is less than market price N.A. N.A.
14. Method of calculating Fair Value of options The fair value of the options granted has been estimated using
the Black-Scholes option pricing Model. Each tranche of vesting
has been considered as a separate grant for the purpose of
valuation. The assumptions used in the estimation of the same
are given below.
65
DIRECTORS REPORT / MDA
ANNEXURE TO THE
DIRECTORS REPORT
SIGNIFICANT ASSUMPTIONS USED FOR ESTIMATE OF FAIR VALUE
Variables ESOS 2011 ESOS 2012
Stock Price (Rs.) 586.00 1,068.00

Volatility 34.77% 30.44%
Risk free Rate 8.03% 8.40%
Exercise Price (Rs.) 579.88 1,060.00
Time to Maturity 3.68 3.69
Dividend yield 2.37% 2.23%
Notes:
1) *After the sub-division of shares from Rs. 10 per equity share to Re. 1 per equity share with effect from October 1, 2011.
2) None of the employees were granted, in any one year, options equal to 5% or more of total options granted during that year.
3) None of the employees were granted, in any one year, options equal to 1% or more of the issued capital of the Company
at the time of grant.
4) There was no variation of the terms of options granted.
5) Options granted to Senior Managerial Personnel up to December 31, 2013, are as follows :
Sr. ESOS-2011 ESOS- 2012

Name
No. (number of options granted) (number of options granted)
1. Roopa Kudva 40,000 25,000
2. Raman Uberoi 30,000 15,000
3. Arun Panicker 30,000 15,000
4. Mukesh Agarwal 22,000 18,000
5. Ramraj Pai 22,000 18,000
6. G. Ravishankar 22,000 8,000
7. Sachin Nigam - 5,000
6) The Company uses intrinsic value method to record compensation cost arising on account of grant made under Employees
Stock Option Schemes 2011 and 2012. The Company has not recorded any compensation cost as the grant has been given
at the market price. Had the Company recorded the compensation cost on the basis of Fair Valuation method instead of
intrinsic value method, employee compensation cost would have been higher by Rs. 16.28 crore and Earning Per Share
(EPS) would have been as under :
Earnings Per Share : Nominal value of Re. 1 per share

Year ended Year ended
Details
December 31, 2013 December 31, 2012
Basic (Rupees) 37.60 26.55
Diluted (Rupees) 37.49 26.41

ANNEXURE TO THE
DIRECTORS REPORT
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
CRISIL BUSINESS
CRISIL is a global analytical company providing ratings, research, and risk and policy advisory services.
We are Indias leading rating agency. We are also the foremost provider of high-end research to the
worlds largest banks and leading corporations. With sustainable competitive advantage arising from
our strong brand, unmatched credibility, market leadership across businesses, and large customer base,
we deliver analysis, opinions, and solutions that make markets function better.
CRISILs majority shareholder is Standard & Poors (S&P). Standard & Poors, a part of McGraw Hill
Financial, Inc. (formerly The McGraw-Hill Companies, Inc.) (NYSE:MHFI), is the worlds foremost provider
of credit ratings.
CRISIL RATINGS
The Indian economy and business environment remained subdued during 2013 owing to slowing
demand, high inflation and tight liquidity, made worse in the second half by a volatile rupee and high
interest rates. All this resulted in a weak investment climate and a subdued debt markets. However,
in a sign of structural strengthening of the bond market, the number of issuers accessing the bond
market increased, led by private sector players. The bond market could rebound in the latter half of
2014 if expectations of a stable domestic business environment, higher growth and lower interest
rates materialise. Measures taken by policymakers and regulators to develop the bond market and the
improving macroeconomic environment are expected to strengthen the markets long-term prospects.
Bank loan ratings (BLRs), however, continued to show healthy growth, with numerous small corporates
opting for ratings despite the sluggish environment. SME ratings too showed healthy growth during
the year.
CRISIL Ratings maintained its market leadership in 2013, backed by strong performance in its BLR and
SME ratings businesses. CRISIL Ratings rated various innovative instruments in the corporate bond
market, such as Indias first Basel III-compliant Tier II bond, the first inflation-indexed debenture, the
first 50-year rupee bond and the first infrastructure debt fund through the NBFC route. GAC continues
to be closely integrated with Standard & Poors Ratings Services, extending the scope of its support
into areas such as risk and rating operations, deepening the engagement in structured finance ratings,
and broadening the scope of support in Europe and the Asia Pacific.
CRISIL GLOBAL RESEARCH & ANALYTICS (CRISIL GR&A)

[Includes Financial Research / Risk & Analytics (Irevna), Corporate Research and Coalition]
In 2013, the global economic environment remained subdued despite an improvement over 2012. The
European economy remained weak with no near-term signs of recovery, while the US economy was on
a recovery path. In 2013, the global banking industry remained stressed with lower profitability despite
67
MDA
recovery in trading volumes in certain asset classes. Banks positioning the company as the foremost analytics-based
are focusing on improving cost-to-income ratios of their commentator on the economy.
businesses, which led to stretched decision cycles, tough
pricing negotiations and tight client budgets. CRISIL RISK AND INFRASTRUCTURE
SOLUTIONS LIMITED (CRIS)
In the Financial Research vertical, we witnessed several
client additions on the buy-side. Mid-tier banks added to INFRASTRUCTURE ADVISORY
our client roster in 2012 augmented role additions in 2013. The economic environment continued to be challenging
Growth momentum in the Corporate Research vertical during the year, particularly for the infrastructure sector.
revived during the year owing to a revised go-to-market Several projects were stuck, or made little progress, owing to
strategy. A mid-year launch of web-based products using lack of policy and regulation clarity, while the milieu impacted
CRISILs proprietary frameworks resulted in positive client the viability of some others. The stress on the financial
responses and additions to the client base. sector compounded the challenges. CRISIL infrastructure
advisory business, however, grew by expanding its services
The continued focus and introduction of new service offerings
across new verticals and geographies, focusing on business
in the Risk & Analytics vertical, has resulted in a number of
from the government and the public sector during the year.
clients engaging with us for our services to help mitigate the
challenges they are facing due to rapid regulatory changes. The investments of USD 1 trillion envisaged in infrastructure in
Building on the first-mover advantage in the global markets India during the 12th Five Year Plan period present a sizeable
and derivatives space, we have quickly achieved scale in opportunity over a medium term. However, we expect a muted
new work streams such as model validation and stress- first half in 2014, given the general elections. Investments
testing support. in the infrastructure sector are likely to pick up only in the
second half of the year as clarity emerges on key policies.
In 2013, Coalition delivered a very strong performance
driven by its core Competitor and Client Analytics, which RISK SOLUTIONS
reported solid growth, and the recently launched RWA (Risk
The overall business environment led to slower decision-
Weighted Assets) Analytics, which enjoyed a strong start.
making amongst potential clients, but there was increasing
A new comprehensive media strategy in each region has
traction in the latter part of the year with banks expressing a
delivered results, leading to significant improvement in our
need to implement risk management systems and framework.
reach among prospective clients.
The risk solutions business reached out to newer markets
and countries across EMEA and Southeast Asia and made
CRISIL RESEARCH inroads with new mandates and building a strong pipeline
The business environment remained challenging with for future growth. The outlook for business is positive as
the lowest GDP growth in a decade and a virtual halt in banks in most regions continue to remain focused on risk
investments. This has impacted demand for research in India, management and mitigation.
which is seen as a discretionary expense. The slowdown in
equity fundraising and capital market activities impacted ANALYSIS OF CONSOLIDATED FINANCIAL
demand for equity research and IPO grading, while a sharp CONDITION AND RESULT OF OPERATIONS
slowdown in corporate investment cycle impacted demand
The financial statements of the Group and its subsidiaries
for customised research. On the other hand, industry
have been combined on a line by line basis by adding together
research and funds and fixed-income research displayed
the book values of like items of assets, liabilities, income and
steady growth.
expenses, after duly eliminating intra group balances and
Our recently launched offerings in the Industry and Funds intra group transactions and resulting gains/losses as per
research will support growth in coming years. An expected Accounting Standard 21 - Consolidated Financial Statements
improvement in the economic outlook in 2014 and a possible notified by Companies Accounting Standards Rules, 2006 as
revival in the investment cycle augur well, too. The CRISIL amended and the relevant provisions of the Companies Act,
Centre for Economic Research continued to focus on research 1956 (the Act) read with General Circular 15/2013 dated 13
on the macroeconomic situation in India, consistently September 2013, issued by the Ministry of Corporate Affairs,
building CRISILs franchise in Indian and foreign media, and in respect of Section 133 of the Companies Act, 2013. The

accounting policies have been consistently applied by the issue of 417,150 equity share, on excise of options under the
Company and are consistent with those used in the previous 2011 and 2012 Employee Stock Option Scheme.
year. The financial statements have been prepared under
General reserves
the historical cost convention on an accrual basis. The
management accepts responsibility for the integrity and An amount of Rs. 28.12 crore, representing 10% of the net
objectivity of the financial statements, as well as for the profit for the year ended December 31, 2013 (previous year
various estimates and judgment used therein. Rs. 19.29 crore) was transferred to the general reserves
account from the Profit and loss account.
A. FINANCIAL CONDITION
Profit and Loss account
1. Share capital
The balance retained in the Profit and Loss account as
The authorised capital of the company is Rs. 10 crore,
at December 31, 2013 is Rs. 547.60 crore (previous year
comprising of 100,000,000 equity shares of Re. 1 per Rs. 435.18 crore). The balance of Rs. 112.42 Crore of current
share. During the year, the company issued and allotted year is after recording an appropriation for dividend and
417,150 equity shares of the company to eligible employees dividend distribution tax of Rs. 157.30 crore and general
on exercise of options granted under Employee Stock reserve of Rs. 28.12 crore.
Option Scheme 2011 and 2012. Consequently, the issued,
subscribed and paidup capital of the Company increased 3. Trade payables
from 70,235,740 equity shares of Re. 1 each to 70,652,890 Trade payables as at December 31, 2013 was Rs. 127.95
equity shares of Re. 1 each. crore as against Rs. 130.04 crore in the previous year. Trade
payables include amounts payable to vendors for supply of
During the year, McGraw Hill Financial, Inc., (MHFI) (the goods and services, employee payables like bonus, salary
ultimate holding company) through its subsidiary, McGraw- and other reimbursements, rent deferment.
Hill Asian Holdings (Singapore) Pte Limited, acquired by way
of Voluntary Open Offer 10,623,059 shares representing 4. Provisions
15.04% of the share capital of the Company out of which a. Provision for employee benefits Provision for employee
10,350 shares (0.01%) were pending registration for transfer benefits comprise leave encashment and gratuity
as on December 31, 2013. The shareholding of MHFI as at liability of the Company, valued as per Accounting
December 31, 2013, stands at 67.69% as against 52.98% in Standards 15 Notified by Companies Accounting
the previous year. Standards Rules, 2006. The actuarial valuation is made
as per the Projected Unit Credit Method, taking into
2. Reserves and surplus account qualifying salary projected up to the assumed
Reserves and Surplus, as at December 31, 2013, stood at date of cessation of employment. The overall liability
Rs. 667.43 crore, a growth of 27.87% over the corresponding growth of 10% in the current year is mainly on account
previous period. The growth in reserves was achieved of increase in salaries for employees.
through strong profitability despite a challenging business b. Proposed dividend The proposed dividend represents
environment, sale of stake in India Index Services and the dividend recommended to the shareholders by the
Products Limited and after recording an appropriation for Board of Directors, which will be paid after the Annual
dividend and dividend distribution tax of Rs. 157.30 crore. General Meeting upon approval by the shareholders.
Capital reserve 5. Other liabilities

The balance as at December 31, 2013 amounts to Rs. 12.22 Other liabilities mainly represent payables on account of
crore, same as the previous year. withholding tax, service tax, other duties and unearned
revenue. Unearned revenue represents fee received in advance
Capital redemption reserve or advance billing for which services have not been rendered.
The balance as at December 31, 2013 amounts to Rs. 0.22
6. Fixed assets
crore, same as the previous year.
Tangible assets
Securities premium The Companys investments in tangible assets represent
The addition to the securities premium account of Rs. 24.87 cost of buildings, leasehold improvements, computers, office
crore during the year is on account of premium received on equipment, furniture fixtures and vehicles.
69
MDA
At the end of the year, the Companys investments in tangible fixed assets were as follows:
December 31, 2013 December 31, 2012 Growth

Details
(Rs. crore) (Rs. crore) (%)
Gross Block 238.85 231.26 3%
Less : Accumulated depreciation 136.62 117.02 17%
Net Block 102.23 114.24 -11%
Add : Capital work in progress 0.00 0.00
Net Fixed Assets 102.23 114.24 -11%
Depreciation as a % of total income 3% 3%
Accumulated depreciation as % of gross block 57% 51%
During the year, the Companys investment in fixed assets year. The Company expects to fund its investments in fixed
and capital work in progress was Rs. 17.76 crore, whereas assets and infrastructure from its internal accruals and liquid
sale of assets realised Rs. 2.04 crore. The assets acquired assets. It may, however, borrow to fund capital expenditure,
included equipment, computers and leasehold improvements if considered necessary.
to support expansion of business and to provide for
Intangibles
replacement of existing assets. The assets sold were mainly
computers and furniture. Depreciation as a percentage Intangible assets comprise mainly of goodwill arising on
of total income remained constant at 3% for the current consolidation of subsidiaries and customer relationships.
7. Investments and Treasury

The Companys treasury as at December 31, 2013, was Rs. 434.53 crore as against Rs. 263.57 crore in the previous year. Cash
and cash equivalents constituted 38% of total assets as at December 31, 2013, as against 27% in the previous year.
2013 2012 Growth

Category % %
(Rs. in Crore) (Rs. in Crore) (%)
Cash and Bank Balance 151.48 35% 137.10 52% 11%
Fixed Deposit 44.33 10% 18.04 7% 146%
Mutual Funds 238.72 55% 108.43 41% 120%
TOTAL 434.53 100% 263.57 100% 65%
Treasury in the current year recorded a growth of 65% over 31, 2012. Deferred tax assets are recognised only to the
the previous year and includes proceeds from sale of stake extent that there is reasonable certainty sufficient future
in India Index Services and Products Limited. taxable income will be available against which such deferred
tax assets can be realised.
The Company actively monitors its treasury portfolio and has
a policy in place for investing surplus funds. We do not invest 9. Loans and advances
in equity, derivative and market linked products. Appropriate Loans and advances comprise loans to staff, advances
limits and controls are in place to ensure that investments recoverable in cash or kind, sundry deposits and advance
are made as per policy. taxes. Advances recoverable in cash or kind, or for value to
be received, are mainly towards amounts paid in advance for
8. Deferred tax assets
value and services to be received in future. Sundry deposits
We recorded net deferred tax assets of Rs. 22.86 crore as at represent deposits for premises taken on lease, electricity
December 31, 2013 as against Rs. 17.48 crore as at December and others. As at December 31, 2013, loans and advances

were Rs. 69.14 crore as against Rs. 70.33 crore for the 11. Trade receivables
corresponding previous period ended December 31, 2012. Sundry debtors at gross levels were Rs. 132.00 crore as
at December 31, 2013, as against Rs. 129.27 crore as at
10. Other current assets
December 31, 2012. The debtors constituted 12% of
Other current assets, excluding bank balances, as at
operating revenue, (representing an outstanding of 43 days
December 31, 2013, were Rs. 44.67 crore as against
of operating revenue) as against 13% of operating revenue
Rs. 40.01 crore for the corresponding previous period ended
(representing an outstanding of 48 days of operating
December 31, 2012. Other current assets mainly comprise of
revenue) during the previous year. The improvement in
interest accrued and unbilled revenue.
operating cycle over the previous year was on account of
focused collection efforts throughout the year.
The break-up of debtors relating to segments is given below:
As at December 31, 2013 As at December 31, 2012 Change

Segment
Rs. Crore % Rs. Crore % (%)
Rating 43.19 33% 45.15 35% (4%)
Research 69.44 52% 60.57 47% 15%
Advisory 19.37 15% 23.55 18% (18%)
TOTAL 132.00 100% 129.27 100% 2%
The Company believes that the outstanding debtors are recoverable and it has adequate provision for bad debts.
Provision for doubtful debt balance as of December 31, 2013 was Rs. 12.51 crore as against Rs. 12.04 crore as at December 31,
2012. Provision for bad debts as a percentage to revenue for the year ended December 31, 2013, is 1.13% as against 1.23 %
for the year ended December 31, 2012.
B. RESULTS OF OPERATIONS
The summary of the operating performance for the year is given below Rs. in crore
12 months ended 12 months ended Growth

Particulars % %
December 31, 2013 December 31, 2012 (%)
Income from operations 1110.64 97% 977.72 98% 14%
Other income 36.64 3% 20.38 2% 80%
Total income 1147.28 100% 998.10 100% 15%
Expenses
Personnel expenses 515.48 45% 439.01 44% 17%
Establishment expenses 86.14 8% 82.47 8% 4%
Other expenses 148.47 13% 128.61 13% 15%
Depreciation 37.92 3% 34.32 3% 10%
Operating expenses 788.01 69% 684.41 68% 15%
Profit before exceptional item 359.27 31% 313.69 31% 15%
Exceptional item 65.89 6% - 0% 100%
Profit before tax 425.16 37% 313.69 31% 36%
Tax expense 127.33 11% 93.29 9% 36%
Profit after tax 297.83 26% 220.40 22% 35%
71
MDA
Operating revenue grew 14% in 2013 and was driven by of Coalition in the current year. Other expenses grew 15%
growth in the Research segment. Other income increased mainly on account of growth in professional fees and travel
significantly, mainly on account of higher forex gain of expense in the current year. Exceptional item includes one-
Rs. 18.14 crore in the current year. Operating expenses grew time profit on sale of stake in India Index Services and
15% mainly on account of growth in personnel expenses due Product Limited.
to salary increments and full year impact of consolidation
Segmental analysis Rs. in crore
12 months ended 12 months ended

Growth
Segmental details December 31, December 31,
(%)
2013 2012
Revenues
Rating 413.89 396.37 4%
Research 641.10 526.03 22%
Advisory 55.65 55.32 1%
Total 1110.64 977.72 14%
Segmental profit
Rating 163.94 163.77 0.0%
Research 205.36 158.84 29%
Advisory 7.55 9.97 (24%)
TOTAL 376.85 332.58 13%
Rating revenue growth of 4% over the previous year was margin grew despite higher growth in comparatively lower
on account of growth in BLR and SME business. In the margin BLR and SME business. Research segment profitability
previous year, rating segment had onetime revenue of grew 29% on account of improved performance in the GR&A
Rs. 7.30 crore on account of certain price negotiation with business, and full year impact of Coalition consolidation in
a client. Excluding this one-time impact, rating segment the current year and favorable exchange rate movement.
growth was 6%. Research revenue growth was driven by During the year, the research segment recorded a forex gain
GR&A segment on account of addition of new clients in of Rs. 16.53 crore as against Rs. 4.98 crore the previous year.
the Financial Research and Research & Analytics space, Advisory segment profitability was lower mainly on account
favorable exchange rate movement and full year impact of of muted growth in the risk solution business wherein the
Coalition consolidation in the current year. CRISIL domestic banks have deferred purchase on new solutions to the
research faced a challenging business environment due to next year.
slowdown in equity, fund raising and capital market services.
Other income (Net)
The advisory segment comprising of infrastructure and
risk solution business showed marginal growth despite a In the current year, other income has increased to Rs. 36.64
challenging economic environment crore from Rs. 20.38 crore for the corresponding previous
period ended December 31, 2012. The increase is mainly
Rating margins, after excluding one time impact of on account of higher forex gain of Rs. 18.14 crore in the
Rs. 7.30 crore in the previous year on account of certain current year.
price negotiation with a client, improved by 3%. The segment

Expense Analysis
The composition and growth of expenses as a percentage to income from operations are given below:
12 months ended 12 months ended

Growth
Particulars December 31, 2013 December 31, 2012
(%)
Rs. Crore % Rs. Crore %
Personnel expenses 515.48 45% 439.01 44% 17%
Establishment expenses 86.14 8% 82.47 8% 4%
Other expenses 148.47 13% 128.61 13% 15%
Depreciation 37.92 3% 34.32 3% 10%
TOTAL EXPENSES 788.01 69% 684.41 69% 15%
Personnel expense growth of 17% was on account of merit increase in the current year as the Company constantly strives to
make its salary structure competitive in the market to attract and retain talent and full year impact of Coalition acquisition.
Revenue and average profit per employee were Rs. 33.17 lakh (+12%) and Rs. 9.96 lakh (+11%), respectively. CRISIL will
continue with its initiatives to improve its revenue and profit per employee through business process re-engineering, making
the processes more efficient and effective use of technology.
Revenues and profits per employee for the past five years have been as under:
Rs. in Lakhs
9.96
36 10
9.04 8.99
8.39 9
7.90 33.17
8
33
7
29.59 6
30
5
27.52
4
27 26.16 3
25.40
2
24 1
2009 2010 2011 2012 2013
Operating Revenue per employee Profit per employee
2009 2010 2011 2012 2013

Operating Revenue per employee 26.16 25.4 27.52 29.59 33.17
Profit per employee 9.04 7.90 8.39 8.99 9.96
Avg. Headcount (Nos) 2,060 2,485 3,006 3,329 3,424
The Company constantly monitors staff utilisation and strives to improve productivity through automation and effective
utilisation of resources. These initiatives have resulted in optimising of operating profit per employee over the last
three years.
73
MDA
Interest for credit risk under the standardised approach for Basel II.
The Company continued to be debt-free during the year and Currently ratings are mandatory for all public offerings of
therefore, did not incur any interest expense. debentures and commercial paper issuances. To mitigate
the risk of dependence on mandated businesses, the
C. RISK MANAGEMENT Company continues to pursue its strategy of diversification,
The Company has in place a mechanism to identify, and globalising its operations. It also seeks to build a
assess, monitor and mitigate various risks to key business strong franchise with investors by holding investor meets
objectives. Key business risks and mitigation strategy are and seminars for improving transparency around ratings
highlighted below. and rating methodologies, and showcasing the utility and
benefits of ratings.
1. Business risks
To mitigate the risk of high dependence on any one business Reserve Bank of India has indicated that the likely date for
for revenues, the Company has adopted a strategy of their approvals to be given to Indian banks to adopt Internal
launching new products/services, globalising its operations, Ratings Based (IRB) approaches for credit risk would be
and diversifying into different business segments. The from 2014. Reserve Bank of India has also specified that
strategy has yielded good results and the Company, after implementation of the IRB framework by a bank,
therefore, now has a well-diversified stream of revenues. there should be a transition period of a minimum of two
To address the risk of dependence on a few large clients years during which banks will have to calculate minimum
and a few sectors in the business segments, the Company capital requirement using the IRB Approach as well as the
has also actively sought to diversify its client base and Standardised Approach of Basel II.
industry segments. 4. Human resource attrition risk
The Company strives to add value to its clients by providing CRISILs key assets are its employees and in a highly
services of a superior quality, and maintaining a robust competitive market, it is a challenge to address attrition.
franchise with investors and end-users, to mitigate the risk CRISIL continues to accord top priority to manage employee
arising from price competition. Repeat business from large attrition by formulating talent retention programme and
clients in the research segment, nevertheless, continues to offering a competitive salary and growth path for talented
contribute significantly to the Companys revenues. individuals.
2. Foreign exchange earning risk 5. Financial risks

CRISIL foreign currency revenue earnings are significant and CRISIL has been a debt-free company since its date of
any appreciation or depreciation of rupee can have significant incorporation. The Company has followed the strategy of
impact on revenues and profitability. CRISIL has a consistent funding all its expansion, diversification and infrastructure-
hedge policy designed to minimise the impact of volatility in related expenditure through internal accruals.
foreign exchange fluctuations on the earnings. We evaluate
6. Legal and statutory risks
exchange rate exposure arising from these transactions and
enter into foreign exchange hedge instruments to mitigate The Company has no material litigation in relation to
risks arising out of movements in the rupee (INR). The contractual obligations pending against it in any court in
hedge programme covers a large portion of projected future India or abroad. The Company Secretary, compliance and
revenues over a 12 month period and is restricted to plain- legal functions advise the Company on issues relating to
vanilla forward contracts. Appropriate internal controls are in compliance with law and to pre-empt violations of the same.
place for monitoring the hedge programme. The Company Secretary submits a quarterly report to the
Board on the companys initiatives to comply with the laws
3. Policy risk of various jurisdictions. The company also seeks independent
The Company derives a significant portion of its revenues legal advice wherever necessary.
from Rating services, which depend on several factors,
7. Technology-related risks
including regulatory policy. The Reserve Bank of India has
mandated the use of ratings from approved rating agencies The company uses information technology extensively for
by Indian banks for calculating their capital requirements its businesses. All technology services are governed through
comprehensive policies and processes. These processes allow

information access to personnel within the company based internal audits. The Executive Committees monitors business
on identified roles. A systems audit is conducted regularly operations through regular reviews of performance
to ensure that implementation of policies and processes are vis--vis budgets. An extensive programme of internal audit
satisfactory, and in line with internationally-accepted best conducted by an independent firm, reviews by the Audit
practices; ISO certification of eight of our offices underscores Committee, and requisite guidelines and procedures augment
our high compliance with policies related to Information the internal controls. The internal control system is designed
Security and Management System. The companys business to ensure that financial and other records are reliable for
processes are automated through bespoke business preparing financial statements and other information. These
applications that capture and maintain information regarding procedures ensure that all transactions are properly reported
business processes, client agreements, reports generated and classified in the financial records.
and assignments delivered, thus data basing our knowledge
The above discussion contains forward-looking statements,
appropriately. The technology used by the company at all
which may be identified by their use of words such as
locations provides for redundancy, and for disaster recovery.
plans, expects, will, anticipates, intends. All such statements
For critical business processes, the business teams have
address the expectations from, and projections for, the
defined a business continuity plans and have tested it with
future, including but not limited to statements about the
the help of the IT team. The technology department keeps
companys strategy for growth, product development, market
abreast of technology changes, and suitably undertakes
development, market position, expenditure and financial
projects for technology up-gradation to keep the technology
results. These forward-looking statements are based on
infrastructure current, and to provide for redundancy.
assumptions and expectation of future events. The company
8. Audit and internal controls cannot guarantee that these assumptions and expectations
CRISIL has well-established processes and clearly-defined are accurate or will be realised. The companys actual
roles and responsibilities for people at various levels. results, performance, or achievements may, therefore, differ
This, coupled with adequate internal information systems materially from those projected in these forward-looking
embedded in business automation software, ensures statements. The company assumes no responsibility to
proper information flow for the decision-making process. publicly amend any forward-looking statements, on the basis
Adherence to these processes is ensured through frequent of any subsequent developments, information or events.
75
CORPORATE GOVERNANCE
AUDITORS CERTIFICATE
FOR CORPORATE GOVERNANCE
To the Members of CRISIL LIMITED,
We have examined the compliance of conditions of Corporate Governance by CRISIL LIMITED for the year
ended December 31, 2013, as stipulated in Clause 49 of the Listing Agreement of the said Company, with
the Stock Exchanges.
The compliance of conditions of Corporate Governance is the responsibility of the management of the
Company. Our examination was limited to procedures and implementation thereof, adopted by the Company
for ensuring the compliance with the conditions of Corporate Governance. It is neither an audit nor an
expression of opinion on the financial statements of the Company.
In our opinion and to the best of our information and according to the explanations given to us, we certify
that the Company has complied with the conditions of Corporate Governance as stipulated in Clause 49 of
the above mentioned Listing Agreement.
We further state that such compliance is neither an assurance as to the future viability of the Company nor
of the efficiency or effectiveness with which the management has conducted the affairs of the Company.
For S.R. Batliboi & Co. LLP

Firm registration number: 301003E
Chartered Accountants
per Jayesh Gandhi

Partner
Mumbai, February 14, 2014 Membership No: 037924
MANAGING DIRECTOR &

CHIEF EXECUTIVE OFFICERS
DECLARATION
To the Members of CRISIL Limited,
I hereby confirm that all the members of the Board and Senior Management have affirmed compliance with
the Code of Conduct.
For CRISIL Limited
Roopa Kudva
Mumbai, February 14, 2014 Managing Director & Chief Executive Officer

REPORT OF THE DIRECTORS ON
CRISIL has been practicing the principles of good corporate governance over the years. The Company has
adopted best practices for corporate governance, disclosure standards and enhanced shareholder value
while protecting the interests of all other stakeholders including clients, suppliers and its employees.
The Directors present below the Companys policies and practices on corporate governance.
A. BOARD OF DIRECTORS
SIZE AND COMPOSITION OF THE BOARD
The Board of Directors has eight members of which seven (87.5%) are Non-Executive Directors. Four (50%)
of the eight Board members are Independent Directors. The Chairman of the Board is a Non-Executive
Director. The Company has one Alternate Director. As per the Articles of Association of the Company, the
Board can have up to 15 members.
The composition of the Board of Directors of the Company as on December 31, 2013, was as follows:-
Non-Executive Chairman Mr. Douglas L. Peterson

Mr. B. V. Bhargava
Mr. H. N. Sinor
Independent, Non-Executive Directors
Ms. Rama Bijapurkar
Dr. Nachiket Mor
Mr. David Pearce
Non-Executive Directors
Mr. Yann Le Pallec
Managing Director & Chief Executive Officer Ms. Roopa Kudva
Alternate Director (alternate to Mr. Douglas L. Peterson, Mr. Ravinder Singhania
Mr. David Pearce and Mr. Yann Le Pallec)
Note:
1. Mr. B.V. Bhargava and Ms. Rama Bijapurkar have resigned from the directorship of the Company with
effect from January 13, 2014.
2. The Board of Directors of the Company has appointed Mr. M. Damodaran as an Independent, Non-
Executive Director of the Company with effect from January 14, 2014.
3. The Board of Directors of the Company has appointed Ms. Vinita Bali as an Independent, Non-Executive
Director of the Company with effect from February 14, 2014.
77
Percentage of Board positions CRITERIA FOR BOARD MEMBERSHIP

The members of the Board of Directors of the Company are
eminent persons of proven competence and integrity. The
Board comprises individuals with personal characteristics and
core competencies, such as the recognition of the importance
37
of the Boards tasks, integrity, sense of accountability and
track record of achievements. Besides having financial
50
literacy, experience, leadership qualities and the ability to
think strategically, the Directors have a significant degree of
commitment to the Company and devote adequate time for
the meetings, preparation and attendance. Board members
possess the education, expertise, skills and experience
13 in various sectors and industries required to manage
and guide the Company.
Non-Executive, Independent Directors
Executive Directors None of the Directors is a relative of the Managing Director
Non-Executive Directors or of a Non-Executive Director. The Directors are expected
not to serve any independent or executive position in any
company that is a direct competitor. None of the Non-
MEMBERSHIP TERM Executive Directors of the Company has any pecuniary
As per the Articles of Association of the Company, at least relationships or transactions with the Company. The
two-thirds of the Board of Directors should be retiring Managing Director is excluded from serving on the Board of
directors. One-third of these directors are required to retire any other entity unless the said entity has interests that are
every year and if eligible, the retiring directors qualify for germane to the business of the Company.
re-appointment. The Board has adopted the following
SUCCESSION POLICY
guidelines regarding the appointment and tenure of
The Board constantly evaluates the contribution of
Non-Executive Director on the Board.
its members and recommends to shareholders their
No Director should hold directorships in more than ten re-appointment periodically as per the statute. The
Indian public limited companies Managing Director is appointed by the shareholders for a
maximum period of five years at one time, but is eligible for
Every Director is expected to attend at least 60% of
re-appointment upon completion of her term. Non-
the Board meetings held in a year. While re-appointing
Executive Directors do not have any term, but retire by
Directors on the Board and Committees of the Board, the
rotation as per the law.
contribution and attendance record of the concerned
Director should be considered The Board has adopted a retirement policy for its members.
At least 50% of the total number of Directors on the The maximum age of retirement for Managing Director is 58
Board will comprise of Independent Directors years, which is the age of superannuation for the employees
of the Company.
No Independent Director should hold office of directorship
for a term exceeding ten years from the date of their MEMBERSHIPS OF OTHER BOARDS
appointment by the shareholders of the Company Independent Directors are expected not to serve on the
The change of Directors on the Board of CRISIL, if Boards of competing companies. No Director of the Company
carried, would be so accomplished that at no point of is a member of more than ten committees or can act as
time, the average term of the members on the Board is chairman of more than five committees across all Indian
reduced unreasonably public limited companies in which he / she is a Director. For
the purpose of these, only membership and chairmanship in
The Managing Director is appointed by the shareholders for Audit Committee and Stakeholders Relationship Committee /
a maximum period of five years, but can be re-appointed on
Investors Grievance Committee are considered.
completion of her term, if eligible.

Furthermore, every Director informs the Company about the details of other directorships held by the Companys Directors
committee positions he / she occupies in other companies in Indian public limited companies as on December 31, 2013
and notifies the changes as and when they take place. The are given below:
Membership of Chairmanship of
Name of the Director Directorship#
Committees* Committees*
Mr. B. V. Bhargava 7 4 5
Mr. H. N. Sinor 9 5 3
Ms. Rama Bijapurkar 3 1 Nil
Dr. Nachiket Mor Nil 1 Nil
Mr. Douglas L. Peterson Nil Nil Nil
Mr. Yann Le Pallec 1 1 Nil
Mr. David Pearce Nil 1 Nil
Ms. Roopa Kudva Nil 1 Nil
Mr. Ravinder Singhania 2 2 Nil
# Excluding CRISIL Limited, Private Limited Companies, Foreign Companies, Section 25 Companies and Alternate Directorships.
* Memberships / Chairmanships in Audit Committee and Stakeholders Relationship Committee / Investors Grievance
Committee, including those in CRISIL Limited.
DETAILS OF SHAREHOLDINGS OF DIRECTORS year ended December 31, 2013, the Board met four times
AS ON DECEMBER 31, 2013 - on February 14, April 18, July 19 and October 18. The
agenda of Board meetings is circulated to all the Directors
The number of equity shares of face value Re. 1 each
well in advance and contains all the relevant information.
of the Company held by the Directors on December
The Company has an executive committee comprising
31, 2013 is as under:
the Managing Director and a team of senior management
personnel with proper demarcation of responsibilities and
Name of the Director No. of shares held authority. The Managing Director is responsible for corporate
strategy, planning, external contacts and Board matters. The
Mr. B. V. Bhargava Nil
senior management personnel heading respective divisions
Mr. H. N. Sinor Nil are responsible for all day-to-day operations-related
Ms. Rama Bijapurkar Nil issues, profitability, productivity, recruitment and employee
retention for their divisions. Mr. Ramraj Pai heads the CRISIL
Dr. Nachiket Mor Nil
Large-Corporate Ratings business, Mr. Subodh Rai heads the
Mr. Douglas L. Peterson Nil
CRISIL Mid-Corporate Ratings business, Mr. Sachin Nigam
Mr. Yann Le Pallec Nil heads the CRISIL Small and Medium Enterprises Ratings
Mr. David Pearce Nil business, Mr. Arun Panicker is Chief Analytical Officer of
Ratings, Mr. Mukesh Agarwal heads the CRISIL Research
Mr. Ravinder Singhania Nil
business, Mr. G. Ravishankar heads the CRISIL Global
Ms. Roopa Kudva 24,000 Analytical Centre, HR and Strategy, Mr. Pankaj Jain heads
the Global Sales of CRISIL Global Research and Analytics
RESPONSIBILITIES (GR&A) business, Mr. Ramnath Iyer heads GR&A Corporate
The Board looks at strategic planning and policy formulation. Research, Mr. Gurpreet Chhatwal heads GR&A Risk and
The Board meets at least once in every quarter to review the Analytics, Mr. Stephane Besson heads GR&A Coalition,
Companys operations and the maximum time gap between and Ms. Suprabha A. D. heads GR&A Financial Research.
any two meetings is not more than 120 days. During the
79
Mr. Raman Uberoi heads the Corporate Affairs division and the CRISIL Foundation and Mr. V. Srinivasan oversees Operations.
The meetings of the Board of Directors are well-attended as shown below:
No. of Board No. of Board Last Annual General

Name of Directors
meetings held meetings attended Meeting attendance
Mr. B. V. Bhargava 4 4 Yes
Mr. H. N. Sinor 4 4 Yes
Ms. Rama Bijapurkar 4 3 Yes
Dr. Nachiket Mor 4 4 Yes
Mr. Douglas L. Peterson 4 3* Yes
Mr. Yann Le Pallec 4 4 Yes

Mr. David Pearce 4 3 Yes
Ms. Roopa Kudva 4 4 Yes
Mr. Ravinder Singhania 4 -- No
(Alternate Director)**
* Mr. Douglas L. Peterson attended the remaining one meeting through tele-conference.
** Mr. Ravinder Singhania did not attend the meetings as the original Directors of whom he is alternate, attended the meetings.
There were no personal transactions by the Directors Sections 198, 309, 310, 311, 349 and 350 of the Companies
involving a conflict of interest with the Company or its Act, 1956, subject to the approval of the Central Government.
holding or subsidiary or associate company. The Company The Company has received the approval of the Central
has a Code of Ethics and Personal Trading Policy for Directors Government to pay remuneration not exceeding one per
and employees. The Code of Ethics contains policies on cent of the net profits to the Non-Executive Directors for a
confidentiality, gifts and favours, and false and misleading period of five years with effect from January 1, 2013. The
information or disclosures. The Personal Trading Policy commission payable to Non-Executive Directors nominated
contains regulations, policies, procedures and restrictions by Standard & Poors (S&P) is paid to Standard & Poors
relating to personal investments by the Directors and International LLC.
employees. The policy also prohibits trading in securities
2) MANAGING DIRECTOR AND OTHER EMPLOYEES OF
of any foreign or Indian listed company on the basis of THE COMPANY
unpublished price-sensitive information.
The remuneration and reward structure for the Managing
REMUNERATION POLICY Director and employees comprises two broad components
short-term remuneration and long-term rewards. The
1) REMUNERATION TO NON-EXECUTIVE DIRECTORS
Nomination and Remuneration Committee / Compensation
Non-Executive Directors are paid sitting fees for each
Committee, comprising two Independent Directors,
meeting of the Board or its committees attended by them,
determines the remuneration of the Managing Director
and are also eligible for commission. The commission
and guidelines for remuneration payable to the employees.
payable to each Non-Executive Director is limited to a fixed These guidelines are as under:
sum per year as determined by the Board, and is revised
from time to time, depending on individual contribution, a) Annual remuneration
the Companys performance, and the prevailing norms. The Annual remuneration refers to the annual compensation
shareholders of the Company at the meeting held on April payable to the Managing Director and employees of the
18, 2013 had authorised payment of commission to the Non- Company. This comprises two parts - a fixed component,
Executive Directors as a percentage of net profits of the and a performance-linked variable component based on
Company determined in accordance with the provisions of the extent of achievement of the individuals objectives.

Every employee signs a performance contract, which clearly are finalised under the overall supervision, guidance and
articulates the key performance measures for that particular approval of the Nomination and Remuneration Committee.
defined role. The performance-linked variable pay is directly
b) Long-Term Rewards
linked to the performance on individual components of
the performance contract. An employees variable pay is, Long-term rewards primarily comprise a long-term
therefore, directly dependent on key performance measures incentive plan, under which incentives are granted to
that represent the best interests of shareholders. eligible key employees based on their contribution to
the profitability of the Company, relative position in the
The total remuneration is set at levels to attract, motivate, organisation, and length of service. The plan is supervised
and retain high-calibre, and high potential personnel in a by the Nomination and Remuneration Committee.
competitive global market. The total remuneration level is Non-Executive Directors are not eligible for participation
reset annually based on a comparison with the relevant in the plan. The Managing Director and employees were
peer group in the Indian market, established through an granted ESOPs under Employee Stock Option Schemes in
independent compensation survey. In addition to the above, 2011 and 2012 under the long term incentive plan. The stock
incentives linked to the performance of the business unit are options were granted to key employees and high performers
payable if the business unit performs better than expected. in the organisation who are selected based on their criticality,
The remuneration levels and the performance contracts past performance and potential.
Sitting fees and commission paid to Non-Executive Directors Rupees
Name of Directors Sitting Fees Commission Total
Mr. B. V. Bhargava 380,000 23,50,000 27,30,000

Mr. H. N. Sinor 260,000 21,50,000 24,10,000
Ms. Rama Bijapurkar 140,000 21,50,000 22,90,000
Dr. Nachiket Mor 220,000 21,50,000 23,70,000
Mr. Yann Le Pallec 160,000* 12,00,000* 13,60,000*
Mr. David Pearce 120,000* 12,00,000* 13,20,000*
Mr. Douglas L. Peterson 80,000* 12,00,000* 12,80,000*
Mr. Ravinder Singhania (Alternate Director) - - -
TOTAL 13,60,000 1,24,00,000 1,37,60,000
* Sitting Fees and Commission payable to Non-Executive Directors nominated by Standard & Poors (S&P) is paid to
Standard & Poors International LLC.
81
Remuneration Paid to Managing Director for the year 1. AUDIT COMMITTEE

ended December 31, 2013
The Audit Committee of the Company is constituted in line
Rs. lakhs with the provisions of Clause 49 of the Listing Agreements
entered into with the Stock Exchanges read with Section
Name Roopa Kudva 292A of the Companies Act, 1956. The Audit Committee
comprises four Non-Executive Directors who are well-versed
Salary 194.72
with financial matters and corporate laws. Mr. H. N. Sinor
Variable Pay 127.56 is the Chairman of the Audit Committee. In the year ended
Provident Fund 6.38 December 31, 2013, Mr. B. V. Bhargava, Dr. Nachiket Mor and
Mr. David Pearce were other members of the Audit Committee.
Perquisites 7.38
The Chairman of the Audit Committee was present at the
Appointment valid till July 26, 2017 last Annual General Meeting of the Company held on April
Notice period 3 months 18, 2013. The Audit Committee invites the executives of the
Company, as it considers appropriate (particularly the head
B. BOARD COMMITTEES of the finance function), representatives of the Statutory
The Board has constituted committees consisting of Auditors and representatives of the Internal Auditors to
Executive and Non-Executive Directors to focus on the be present at its meetings. The Company Secretary acts as
critical functions of the Company. the Secretary to the Audit Committee. The Audit Committee
met four times in 2013 on February 14, April 18, July
19, and October 18. The necessary quorum was present
for all the meetings.
Number of meetings during the year 2013

Name Category
Held Attended
Mr. H. N. Sinor Independent, Non-Executive 4 4
Mr. B. V. Bhargava Independent, Non-Executive 4 4
Dr. Nachiket Mor Independent, Non-Executive 4 4
Mr. David Pearce Non-Executive 4 3
Pursuant to the changes in the composition of the Board Reviewing of the quarterly and annual financial
of Directors of the Company in 2014, the Committee was statements before submission to the Board
reconstituted by the Board of Directors on February 14,
Reviewing the adequacy of the internal control systems
2014 and the present members of the Committee are
Mr. H. N. Sinor (Chairman), Mr. M. Damodaran, Mr. David Appointment of the internal auditors and fixing of their
Pearce and Dr. Nachiket Mor. remuneration
The terms of reference for the Audit Committee are broadly Reviewing the adequacy of the internal audit functions,
as under: discussing any significant findings and follow thereon
Discussing the nature and scope of audit with the
Overseeing the financial reporting process to ensure
statutory auditors
fairness, sufficiency and credibility of financial
statements Reviewing the financial and risk management policies
Recommendation of the appointment and removal of Examination of reasons for substantial defaults, if any,
statutory auditors, fixation of their remuneration and in payment to stakeholders
approving their payment for any other services rendered Providing direction to the internal audit functions and
by them monitor the quality of internal and statutory audit

Scrutiny of inter-corporate loans and investments
Approval of transactions of the Company with related parties
Review the functioning of the Whistle-Blower mechanism
The composition, procedures, role, powers and the terms of reference of the Audit Committee are as stipulated in Section
292A of the Companies Act, 1956 and clause 49 of the listing agreement and Section 177 of the Companies Act 2013
2. INVESTMENT COMMITTEE
In the year ended December 31, 2013, this Committee comprised two Non-Executive Directors - Mr. B. V. Bhargava (Chairman)
and Mr. David Pearce, and the Managing Director - Ms. Roopa Kudva. The Committee lays down policy guidelines and procedures
for investing the Companys funds, and reviews this activity at regular intervals. The Committee met once during the year on
October 18, 2013. The necessary quorum was present for the meeting.

Name Category
Held Attended
Ms. Roopa Kudva Managing Director & CEO 1 1
Mr. David Pearce Non-Executive 1 Nil
Pursuant to the changes in the composition of the Board of Directors of the Company in 2014, the Committee was reconstituted
by the Board of Directors on February 14, 2014 and the present members of the Committee are Ms. Vinita Bali (Chairperson),
Mr. M. Damodaran, Mr. David Pearce and Ms. Roopa Kudva.
3. STAKEHOLDERS' RELATIONSHIP COMMITTEE (earlier called Investors Grievance Committee)

In the year ended December 31, 2013, this Committee comprised two Non-Executive Directors - Mr. B. V. Bhargava (Chairman)
and Mr. Yann Le Pallec, and the Managing Director - Ms. Roopa Kudva. The Committee periodically reviews the status of
investor grievances and redressal of the same. The Committee met four times in 2013 - on February 14, April 18, July 19, and
October 18. The necessary quorum was present for all the meetings.

Name Category
Held Attended
Mr. Yann Le Pallec Non-Executive 4 4
by the Board of Directors on February 14, 2014 and the present members of the Committee are Mr. M. Damodaran (Chairman),
Mr. Yann Le Pallec and Ms Roopa Kudva. The Committee was renamed by the Board of Directors on February 14, 2014 as
Stakeholders Relationship Committee in order to align the same with the requirements under the Companies Act, 2013.
4. NOMINATION AND REMUNERATION COMMITTEE (earlier called Compensation Committee)

In the year ended December 31, 2013, this Committee of the Board comprised three Non-Executive Directors,
Mr. B. V. Bhargava (Chairman), Ms. Rama Bijapurkar and Mr. Douglas L. Peterson. The Chairman of this Committee was present
at the Annual General Meeting held on April 18, 2013.
83
The Committee met once during the year, on February 14, 2013, and all the Directors were present in the meeting.
The Committee ensures that a proper system of compensation exists to provide performance-based compensation to all
employees of the Company. The Committee considers and approves salary, commission and other emoluments payable to the
Managing Director and employees of the Company. The annual compensation of the Managing Director is determined by this
Committee within the limits set by the shareholders at the general meeting. It also recommends to the Board, the remuneration
payable to Non- Executive Directors, within the limits laid down by the shareholders at the general meeting and in accordance with
other applicable laws.
Further, pursuant to the changes in the composition of the Board of Directors of the Company in 2014, the Committee was
reconstituted by the Board of Directors on February 14, 2014 and the present members of the Committee are Mr. H. N. Sinor
(Chairman), Ms. Vinita Bali and Mr. Douglas L. Peterson. The Committee was renamed by the Board of Directors on February 14, 2014
as Nomination and Remuneration Committee pursuant to the provisions of the Companies Act, 2013.
5. ALLOTMENT COMMITTEE
The Allotment Committee has been formed to complete the formalities prescribed under the Companies Act, 1956, relating to
allotment of shares and to authorise officials of the Company to file forms and returns with regulatory authorities.
As on December 31, 2013, this Committee comprised four Directors including three Non-Executive Directors -
Dr. Nachiket Mor (Chairman), Mr. H. N. Sinor and Ms. Rama Bijapurkar, and the Managing Director - Ms. Roopa Kudva. The
Committee met twice during the year; on April 18, 2013 and October 18, 2013 to allot shares arising out of options exercised by
employees under Employee Stock Option Schemes 2011 and 2012. The necessary quorum was present for all the meetings.

Name Category
Held Attended
Dr. Nachiket Mor Independent, Non-Executive 2 2
Ms. Rama Bijapurkar Independent, Non-Executive 2 1
by the Board of Directors on February 14, 2014 and the present members of the Committee are Dr. Nachiket Mor (Chairman),
Ms. Vinita Bali, Mr. M. Damodaran and Ms Roopa Kudva.
6. CORPORATE SOCIAL RESPONSIBILITY COMMITTEE

The Board of Directors of the Company had constituted a Corporate Social Responsibility Committee on February 14, 2014
comprising three Directors including two Independent, Non-Executive Directors - Dr. Nachiket Mor (Chairman) and Ms. Vinita
Bali, and the Managing Director - Ms. Roopa Kudva, pursuant to the provisions of the Companies Act, 2013.
7. COMMITTEE OF INDEPENDENT DIRECTORS FOR CONSIDERING RECOMMENDATIONS ON THE

VOLUNTARY OPEN OFFER
The Board of Directors of CRISIL formed the Committee of Independent Directors of the Company on June 5, 2013, in
terms of requirements of Regulation 26(6) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
(Regulation) comprising all the Independent Directors of CRISIL viz., Mr. B.V. Bhargava, Mr. H. N. Sinor, Dr. Nachiket Mor and
Ms. Rama Bijapurkar to provide reasoned recommendations to the shareholders of CRISIL on the Voluntary Open Offer
announced by McGraw Hill Financial, Inc. for the shareholders of CRISIL. Mr. B. V. Bhargava was appointed as the Chairman of
the Committee. This Committee met thrice in 2013, on June 20, July 9 and July 19. Necessary quorum was present for all the
meetings.

Name Category
Held Attended
Dr. Nachiket Mor Independent, Non-Executive 3 1*
Ms. Rama Bijapurkar Independent, Non-Executive 3 2*
* Dr. Nachiket Mor and Ms. Rama Bijapurkar attended the remaining meetings through tele-conference.
8. COMMITTEE OF DIRECTORS FOR SALE OF SHAREHOLDING IN INDIA INDEX SERVICES AND

PRODUCTS LIMITED
The Board of Directors formed a special Committee for divestment of equity shareholding held in India Index Services
& Products Limited (IISL) comprising three Directors including two Non-Executive Directors - Mr. B. V. Bhargava and
Mr. Douglas L. Peterson, and the Managing Director - Ms. Roopa Kudva. Mr. B. V. Bhargava was appointed as the Chairman of
the Committee. The Committee was constituted with specific mandate to finalise the sale of CRISILs shareholding of 6,37,000
equity shares of face value Rs. 10 each, representing 49% of the total equity share capital of IISL. This Committee met twice
during the year, on August 6, 2013 and August 27, 2013. Necessary quorum was present for all the meetings.

Name Category
Held Attended
Mr. Douglas L. Peterson Non-Executive 2 Nil*
* Mr. Douglas L. Peterson attended the meetings through tele-conference.
C. SHAREHOLDERS
MEANS OF COMMUNICATION
1. Half-Yearly Newsletter: The Company sends a half-yearly newsletter giving details of the Companys financial performance,
including a summary of significant events in the last six months to shareholders.
2. Quarter and annual financial results are published in the leading national and regional newspapers, and displayed on the
Companys website.
3. News releases, press releases and presentations made to investors and analysts are displayed on the Companys website.
4. The Annual Report is circulated to all members, and is also available on the Companys website.
The Annual Report of the Company for the financial year 2013 has been emailed to the members whose email addresses
are available with the depositories or are obtained directly from the members, as per the MCA Circular No. 18/2011 dated
April 29, 2011 on Green Initiative of Ministry of Corporate Affairs for Corporate Governance. For other members, who have
not registered their email addresses, the Annual Report has been sent at their registered address. If any member wishes
to get a duly printed copy of the Annual Report, the Company will send the same, free of cost, upon receipt of request
from the member.
The Management Discussion and Analysis Report form a part of the Annual Report.
In case of appointment or re-appointment of a Director, members are provided a brief resume of the Director, the nature of
his / her expertise in specific functional areas, the names of companies in which he / she holds directorship, and membership
of committees of the Board.
85
GRIEVANCE REDRESSAL A reconciliation of share capital audit is conducted

The Board has appointed an Investors Grievance Committee by an independent practicing company secretary on
(renamed as Stakeholders Relationship Committee) to quarterly basis, to confirm reconciliation of the issued
review and redress complaints received from shareholders. and listed capital, dematerialised capital and status of the
The Committee meets periodically to consider the status of register of members.
the investor grievances received and redressed along with
The Auditors Certificate of Corporate Governance is
the ageing schedules of pending complaints. The Board has
annexed with the Directors Report and shall be sent
authorised Mr. Neelabja Chakrabarty, Company Secretary, to
to the stock exchange along with the Annual Report
approve the transfer and transmission of shares.
filed by the Company.
GENERAL BODY MEETINGS

The location, time and venue of the last three Annual General Meetings were as under:
Nature of Meeting Date and Time Venue Special resolutions passed
Twenty-Fourth Annual April 15, 2011 Rangaswar Hall, 4th floor, None
General Meeting Yashwantrao Chavan
at 3.30 pm Pratishthan, Gen. Jagannath
Bhosale Marg, Next to
Sachivalaya Gymkhana, Mumbai
400 021
Twenty-Fifth Annual April 16, 2012 CRISIL House, Central Avenue, None
General Meeting Hiranandani Business Park,
at 3.30 pm Powai, Mumbai 400 076
Twenty-Sixth Annual April 18, 2013 Rangaswar Hall, 4th floor, Payment of commission up to 3 (three)
General Meeting Yashwantrao Chavan per cent of the net profits of the Company,
at 3.30 pm Pratishthan, Gen. Jagannath every year computed in the manner
Bhosale Marg, specified in the Act, to the Director(s) of the
Next to Sachivalaya Gymkhana, Company who is / are neither in the whole-
Mumbai 400 021 time employment nor managing director(s),
in accordance with the provisions of Section
309 (4) of the Act, for a period of 5 (five)
years from the financial year commencing
January 1, 2013, in such manner and up
to such extent as Board and / or the
Compensation Committee of the Board may,
from time to time, determine.

POSTAL BALLOT SYSTEM COMPLIANCE OF CLAUSE 5A OF LISTING
The Company has not passed any resolutions by postal ballot AGREEMENT - EQUITY SHARES IN SUSPENSE
in the financial year 2013. ACCOUNT
Consequent to the sub-division of nominal value of the
DISCLOSURES equity shares of the Company from Rs. 10/- per share to Re.
During the year, there were no material related-party 1 per share with effect from October 1, 2011 and in terms
transactions i.e. transactions of the Company of a material of Clause 5A(II) of the Listing Agreement, during the year,
nature with its promoters, the Directors or the management, the Companys Registrar & Share Transfer Agent-Karvy
their subsidiaries or relatives etc. that may have a potential Computershare Private Limited sent three reminders to the
conflict with the interests of the Company at large. shareholders at the addresses available on the Companys
Other related-party transactions are mentioned in the records. The Company has opened a demat account in the
notes to the accounts. name and style CRISIL Limited - Unclaimed Shares Suspense
Account in accordance with the requirement of the Listing
There was no non-compliance by the Company and no
Agreement and at the beginning of the year, 46,000 equity
penalties or strictures were imposed on the Company by
shares belonging to 33 shareholders, had been admitted for
the Stock Exchange or SEBI, or any statutory authority
dematerialisation. At the end of the year, i.e. as on December
on any matter related to the capital markets during the
31, 2013, 45,000 equity shares belonging to 32 shareholders,
last three years.
were lying in the account. The voting rights on the
The Company has complied with all the mandatory outstanding unclaimed shares as on December 31, 2013 shall
requirements of Clause 49 of the Listing Agreement. The remain frozen till the rightful owner of such shares claims
Company has also complied with the non-mandatory the shares by submission of the requisite documentary proof
requirements relating to publication of half-yearly results, of their identity to the Companys Registrar & Share Transfer
having unqualified financial statements, having a whistle- Agent-Karvy Computershare Private Limited.
blower policy and also has a mechanism for evaluating non-
SEBI COMPLAINTS REDRESS SYSTEM
executive board members.
(SCORES)
CRISIL CODE OF CONDUCT FOR DIRECTORS Securities and Exchange Board of India (SEBI) administers a
AND SENIOR MANAGEMENT centralised web-based complaints redress system (SCORES).
The Board of Directors of CRISIL has adopted the Code of It enables investors to lodge and follow-up complaints
Conduct for Senior Management; the same is available on the and track the status of redressal online on the website
website of the Company. Affirmation regarding compliance www.scores.gov.in. It also enables the market intermediaries
of the Code of Conduct by the CEO of the Company has been and listed companies to receive the complaints from investors
published elsewhere in this Annual Report. against them, redress such complaints and report redressal.
All the activities starting from lodging of a complaint till its
WHISTLE-BLOWER POLICY disposal are carried online in an automated environment
The Company has a Whistle-Blower Policy, whereby and the status of every complaint can be viewed online
employees are free to report violations of laws, rules and at any time. The Company has registered itself on SCORES
regulations, or unethical conduct to the Audit Committee. We and endeavours to resolve all investor complaints received
affirm that no employee of the Company was denied access through SCORES or otherwise within 15 days of the receipt
to the Audit Committee. of the complaint. During the year, the Company received
eight investor complaints through SCORES, all of which were
responded to within 15 days of their receipt.
87
D. GENERAL SHAREHOLDERS' INFORMATION

1. ANNUAL GENERAL MEETING :
Date and Time April 17, 2014 at 3.30 p.m.
Venue Rangaswar Hall, 4th floor,
Yashwantrao Chavan Pratishthan,
Gen. Jagannath Bhosale Marg,
Next to Sachivalaya Gymkhana,
Mumbai 400 021
2. CALENDAR FOR FINANCIAL REPORTING :
First Quarter ending March 31, 2014 Thursday, April 17, 2014
Second Quarter ending June 30, 2014 Friday, July 18, 2014
Third Quarter ending September 30, 2014 Friday, October 17, 2014
Year ending December 31, 2014 End of February, 2015
Newspapers where the results are published Business Standard and Sakal
Websites where the financial results, shareholding www.crisil.com, www.bseindia.com and
pattern, annual report etc. are uploaded www.nseindia.com
3. PROPOSED FINAL AND SPECIAL : Final Dividend of Rs. 4 and Special Dividend of Rs. 6 per
DIVIDEND equity share having nominal face value of Re. 1 each.
4. DATES OF BOOK CLOSURE : Thursday, March 13, 2014 to Friday, March 14, 2014
(both days inclusive)
5. DIVIDEND PAYMENT DATE : May 2, 2014 (if dividend payment is approved at the
Annual General Meeting).
6. LISTING DETAILS : The shares of the Company are listed on:
National Stock Exchange of India Limited
Exchange Plaza, 5th Floor, Plot No. C/1, G Block, Bandra-
Kurla Complex, Bandra (E), Mumbai 400 051
BSE Limited
Phiroze Jeejeebhoy Towers, Dalal Street, Fort,
Mumbai 400 001
The Company has paid listing fees at both the

exchanges and has complied with the listing
requirements.
7. STOCK CODES : National Stock Exchange of India Limited (NSE) CRISIL
BSE Limited (BSE) - 500092
ISIN Number: INE007A01025
CIN : L67120MH1987PLC042363
8. REGISTRARS AND SHARE TRANSFER : Karvy Computershare Private Limited
AGENTS Karvy House, 21, Avenue 4,
Plot No.17 to 24, Near Image Hospital
Vittalrao Nagar, Madhapur,
Hyderabad 500 081
Phone No. 040-23420818-828
Fax. No. 040-23420814

9. COMPLIANCE OFFICER : Mr. Neelabja Chakrabarty,
Company Secretary,
CRISIL House,
Central Avenue, Hiranandani Business Park, Powai,
Mumbai 400 076
Phone: 022-3342 3701
Fax: 022-3342 3810
10. DEPOSITORY SYSTEM : Currently, 99.74% of the Company's share capital is
held in dematerialised form. For any assistance in
converting physical shares in electronic form, investors
may approach Karvy Computershare Private Limited or
Mr. Neelabja Chakrabarty, Company Secretary, at the
addresses given above.
11. ELECTRONIC CLEARING SERVICE (ECS) : The Company has extended the ECS facility to
shareholders to enable them to receive dividend through
electronic mode in their bank account. The Company
encourages members to avail this facility as ECS provides
adequate protection against fraudulent interception
and encashment of dividend warrants, apart from
eliminating loss / damage of dividend warrants in transit
and correspondence with the Company on revalidation /
issuance of duplicate dividend warrants.
12. BANK DETAILS FOR ELECTRONIC : Members are requested to notify their Depository
SHAREHOLDING Participant (DP) about the changes in the bank details.
Members are requested to furnish complete details of
their bank accounts, including the MICR codes of their
banks, to their DPs.
13. FURNISH COPIES OF PERMANENT : The members are requested to furnish their PAN, which
ACCOUNT NUMBER (PAN) will help us to strengthen compliance with KYC norms and
provisions of Prevention of Money Laundering Act, 2002.
For transfer of shares in physical form, SEBI has made
it mandatory for the transferee to submit a copy of PAN
card to the Company.
14. INVESTOR COMPLAINTS TO BE : Registrars and Share Transfer Agents or to
ADDRESSED TO Mr. Neelabja Chakrabarty, Company Secretary, at the
above mentioned addresses.
15. EMAIL ID OF GRIEVANCE REDRESSAL : investors@crisil.com
DIVISION
89
16. CATEGORY - WISE SHAREHOLDING PATTERN AS ON DECEMBER 31, 2013

Sr. No. Category No. of shares % holding
1 Group holding of McGraw Hill Financial, Inc: 4,78,22,189 67.69

- S & P India LLC
- Standard & Poor's International LLC
- McGraw-Hill Asian Holdings (Singapore) Pte. Ltd.
2 Individuals 91,89,636 13.01
3 FIIs / QFIs 56,55,123 8.00
4 Insurance Companies 36,24,175 5.13
5 Mutual Funds / UTI 29,38,472 4.16
6 Financial Institutions / Banks 7,60,743 1.07
7 Bodies Corporate 4,80,202 0.68
8 NRIs 1,51,926 0.22
9 Directors 24,000 0.03
10 Clearing Members 6,424 0.01
TOTAL 7,06,52,890 100.00
Mc-Graw Hill Financial 67.69%
Individuals 13.01%
FIIs / QFIs 8.00%
Insurance Companies 5.13%
Mutual Funds / UTI 4.16%
Financial Inst. / Bank 1.07%
Bodies Corporate 0.68%
NRIs 0.22%
Directors 0.03%
Clearing Members 0.01%

17. DISTRIBUTION OF SHAREHOLDING AS ON DECEMBER 31, 2013
No. of % of total no. of No. of % of total
Range of equity shares held
shareholders shareholders shares no. of shares
1 5,000 12,818 98.28 27,18,376 3.85
5,001 10,000 68 0.52 5,02,794 0.71
10,001 20,000 48 0.37 6,81,487 0.96
20,001 30,000 20 0.15 4,85,501 0.69
30,001 40,000 6 0.05 1,94,311 0.28
40,001 - 50,000 13 0.10 6,01,355 0.85
50,001 1,00,000 30 0.23 21,61,402 3.06
1,00,000 and above 39 0.30 6,33,07,664 89.60
TOTAL 13,042 100.00 7,06,52,890 100.00
18. MEMBERS HOLDING MORE THAN 1% OF THE PAID-UP SHARE CAPITAL AS ON

DECEMBER 31, 2013
Sr. No. Name of the shareholder No. of shares % holding
1 Group holding of McGraw Hill Financial, Inc: 4,78,22,189 67.69

- S & P India LLC
- Standard & Poors International LLC
- McGraw-Hill Asian Holdings (Singapore) Pte. Ltd.
2 Jhunjhunwala Rakesh and Rekha 40,00,000 5.66
3 General Insurance Corporation of India 28,30,390 4.01
4 Unit Trust of India 18,02,166 2.55
5 Acacia Partners, LP / Acacia Institutional Partners, LP / Acacia Banyan Partners /
17,16,880 2.43
Acacia II Partners, LP / Acacia Conservation Fund, LP
6 Mondrian Emerging Market/Investments 10,31,844 1.46
7 Life Insurance Corporation of India 7,65,735 1.08
8 Franklin Templeton Investment Funds / Caisse De Depot et Placement du Quebec
7,31,000 1.03
- Franklin Advisors Inc
19. STATUS REPORT ON NUMBER OF SHAREHOLDER REQUESTS / COMPLAINTS RECEIVED AND

RESOLVED BY THE COMPANY DURING THE YEAR ENDED DECEMBER 31, 2013
Nature of Correspondence No. of cases received and resolved
Non-receipt of dividend warrant 64

ECS facility / Change in bank mandates 51
Issue of duplicate drafts / revalidation of warrants 37
Request for communication in physical form 26
Dematerialisation / Rematerialisation 22
Non-receipt of Annual Report 18
Incorporation of change of address 8
Transfer / Transposition / Transmission 8
Other requests / queries 94
TOTAL 328
The Company addressed all the investor complaints received during the year, and there were no investor complaints
outstanding at the beginning or the end of the year.
91
Analysis of investor correspondence in 2013
8 8
18 Non-receipt of dividend warrant
22 ECS facility / Change in bank mandates

94
Issue of duplicate drafts / revalidation of warrants
26 Request for communication in physical form
Dematerialisation / Rematerialisation
Non-receipt of Annual Report
37 Incorporation of change of address

64 Transfer/Transposition/Transmission
Other requests/queries
51
Numbers represent category-wise

total Investor Correspondence
20. EQUITY HISTORY SINCE SUB - DIVISION OF SHARES

Cumulative
Date Particulars No. of shares
no. of shares
01.10.2011 No. of issued and fully paid-up equity shares of face value of 7,09,68,440 7,09,68,440
Re. 1 each after stock split
04.01.2012 Extinguishment of shares consequent to buy-back (-) 9,10,000 7,00,58,440
16.04.2012 Allotment of shares to employees on exercise of options (+) 1,09,950 7,01,68,390
granted under Employee Stock Option Scheme, 2011
17.10.2012 Allotment of shares to employees on exercise of options (+) 67,350 7,02,35,740
18.10.2013 Allotment of shares to employees on exercise of options (+) 15,070 7,06,52,890
21. DIVIDEND
Dividend Policy
CRISIL believes in maintaining a fair balance between cash retention and dividend distribution. Cash retention is required
to finance acquisitions and future growth, and also as a means to meet any unforeseen contingency. CRISIL has also been
conscious of the need to maintain stability in its dividend payout over the years. From 2008, CRISIL has commenced the
practice of paying dividend on a quarterly basis.
Modes of payment of Dividend

The Dividend is paid under two modes, viz.,
(a) Credit to the Bank account via Electronic Clearing Services (ECS) / National Electronic Clearing Services (NECS) / SWIFT
Transfer and;
(b) Dispatch of Physical dividend warrant

Electronic Clearing Service (ECS/NECS) Bank Details for Electronic Shareholding
The Company has extended the ECS/NECS facility to Members are requested to notify their Depository Participant
shareholders to enable them to receive dividend through (DP) about the changes in the bank details. Members are
electronic mode in their bank account. The Company requested to furnish complete details of their bank accounts,
encourages members to avail this facility as ECS provides including the MICR codes of their banks to their DPs.
adequate protection against fraudulent interception and
Unclaimed Dividend
encashment of dividend warrants, apart from eliminating loss/
damage of dividend warrants in transit and correspondence Dividends that are not encashed or claimed within seven
with the Company on revalidation/issuance of duplicate years from the date of its transfer to the unpaid dividend
dividend warrants. Investors may obtain the ECS/NECS account will, in terms of the provisions of Section 205A of
mandate form from the Downloads link on the Investors the Companies Act, 1956, be transferred to the Investor
section of this website. Education and Protection Fund (IEPF) established by the
Government. In terms of the provisions of Section 205C
of the Companies Act, 1956, no claim shall lie against the
Company or the said Fund after such transfer.
The details of unclaimed dividend as on December 31, 2013 are as follows:
Dividend per Date of declaration / Due date for

Sr. No. Dividend name %
share (Rs.) approval of dividend transfer to IEPF*
1 Unclaimed Final Dividend 2006 15.00 150% 27-Apr-2007 28-May-2014
3 Unclaimed 1st Interim Dividend 2008 10.00 100% 24-Jul-2008 25-Aug-2015
4 Unclaimed 2nd Interim Dividend 2008 25.00 250% 24-Oct-2008 25-Nov-2015
6 Unclaimed 1st Interim Dividend 2009 25.00 250% 28-Apr-2009 29-May-2016
7 Unclaimed 2nd Interim Dividend 2009 25.00 250% 24-Jul-2009 24-Aug-2016
8 Unclaimed 3rd Interim Dividend 2009 25.00 250% 29-Oct-2009 29-Nov-2016
10 Unclaimed Special Dividend 2010 and 125.00 1250% 16-Apr-2010 17-May-2017
1st Interim Dividend 2010
Unclaimed Special Dividend 2011 and
18 3.00 300% 16-Apr-2012 18-May-2019
1st Interim Dividend 2012
93
Dividend per Date of declaration / Due date for

Sr. No. Dividend name %
share (Rs.) approval of dividend transfer to IEPF*
Notes :
1. Investors are requested to send in their claim at least 15 days prior to due date for transfer to IEPF for ensuring payment
of their dividend.
2. The stock was split from Face Value Rs. 10 to Face Value Re 1 with effect from October 1, 2011. Hence, dividend declared
after that date is on share of face value Re 1 each.
22. STOCK PRICE AND MOVEMENT OF THE COMPANY'S SHARES ON THE NATIONAL STOCK
EXCHANGE OF INDIA LIMITED (NSE) AND BSE LIMITED (BSE) FOR THE PERIOD FROM
JANUARY 2013 TO DECEMBER 2013
NSE BSE
Month High (Rs.) Low (Rs.) Month High (Rs.) Low (Rs.)
January 1,098.00 981.25 January 1,128.00 992.00
February 1,011.90 933.15 February 1,019.65 933.05
March 980.00 877.80 March 992.00 881.05
April 962.70 884.00 April 960.00 882.00
May 1,010.00 891.10 May 1,015.00 894.00
June 1,169.90 1,095.00 June 1,170.00 1,096.30
July 1,194.00 1,100.00 July 1,191.95 1,100.05
August 1,185.90 976.50 August 1,186.00 975.15
September 1,295.00 1,055.50 September 1,270.00 1,065.00
October 1,200.00 1,130.00 October 1,210.00 1,115.00
November 1,174.90 906.40 November 1,149.00 1,010.00
December 1,259.00 1,018.10 December 1,250.00 1,018.00

Price movement of CRISIL shares in 2013 on NSE and BSE vis-a-vis movement of CNX Nifty and S&P Sensex
S & P Sensex CNX Nifty CRISIL
23. SHAREHOLDERS' RIGHTS To proceed against the Company by way of civil or

criminal proceedings
A shareholder in a Company enjoys certain rights, which are
as follows: To apply for the winding-up of the Company
To receive share certificates, on allotment or transfer as To receive the residual proceeds

the case may be, in due time Other rights are as specified in the Memorandum
To receive copies of the Annual Report, Balance Sheet and Articles of Association available on the
and Profit and Loss Account and the Auditors Report website, www.crisil.com
To participate and vote in General Meetings either Apart from the above rights, the shareholders also enjoy the
personally or through proxies following rights as a group:
To receive dividends in due time, once approved in To appoint the Directors and Auditors of the Company
General Meetings or Board Meetings
To requisition an Extraordinary General Meeting
To receive corporate benefits like rights, bonus, etc.
To demand a poll on any resolution
once approved
To apply to the Company Law Board to investigate the
To apply to the Company Law Board to call or direct the
affairs of the Company
Annual General Meeting
To apply to the Company Law Board for relief in cases of
To inspect the minute books of the General Meetings
oppression and / or mismanagement
and to receive copies thereof
The above-mentioned rights may not necessarily be absolute.
95
STANDALONE
financial
statements

INDEPENDENT AUDITORS REPORT
To the Members of CRISIL Limited of accounting policies used and the reasonableness of
the accounting estimates made by management, as well
Report on the Financial Statements as evaluating the overall presentation of the financial
We have audited the accompanying financial statements of statements. We believe that the audit evidence we have
CRISIL Limited (the Company), which comprise the Balance obtained is sufficient and appropriate to provide a basis for
Sheet as at December 31, 2013, and the Statement of Profit our audit opinion.
and Loss and Cash Flow Statement for the year then ended,
and a summary of significant accounting policies and other Opinion
explanatory information. In our opinion and to the best of our information and according
to the explanations given to us, the financial statements
Managements Responsibility for the Financial give the information required by the Companies Act, 1956
Statements (the Act) in the manner so required and give a true and fair
Management is responsible for the preparation of these view in conformity with the accounting principles generally
financial statements that give a true and fair view of the accepted in India:
financial position, financial performance and cash flows
of the Company in accordance with accounting principles (a) in the case of the Balance Sheet, of the state of affairs
generally accepted in India, including the Accounting of the Company as at December 31, 2013;
Standards notified under the Companies Act, 1956 read with (b) in the case of the Statement of Profit and Loss, of the
General Circular 15/2013 dated 13 September 2013, issued profit for the year ended on that date; and
by the Ministry of Corporate Affairs, in respect of Section 133
of the Companies Act, 2013. This responsibility includes the (c) in the case of the Cash Flow Statement, of the cash
design, implementation and maintenance of internal control flows for the year ended on that date.
relevant to the preparation and presentation of the financial Report on Other Legal and Regulatory Requirements
statements that give a true and fair view and are free from 1. As required by the Companies (Auditors Report) Order,
material misstatement, whether due to fraud or error. 2003 (as amended) (the Order) issued by the Central
Auditors Responsibility Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956 we give in
Our responsibility is to express an opinion on these financial
the Annexure a statement on the matters specified in
statements based on our audit. We conducted our audit in
paragraphs 4 and 5 of the Order.
accordance with the Standards on Auditing issued by the
Institute of Chartered Accountants of India. Those Standards 2. As required by section 227(3) of the Companies Act,
require that we comply with ethical requirements and plan and 1956, we report that:
perform the audit to obtain reasonable assurance about whether (a) We have obtained all the information and explanations
the financial statements are free from material misstatement. which to the best of our knowledge and belief were
An audit involves performing procedures to obtain audit necessary for the purpose of our audit;
evidence about the amounts and disclosures in the financial (b) In our opinion proper books of account as required
statements. The procedures selected depend on the by law have been kept by the Company so far as
auditors judgment, including the assessment of the risks of appears from our examination of those books;
material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the (c) The Balance Sheet, Statement of Profit and Loss,
auditor considers internal control relevant to the Companys and Cash Flow Statement dealt with by this Report
preparation and fair presentation of the financial statements are in agreement with the books of account;
in order to design audit procedures that are appropriate in
(d) In our opinion, the Balance Sheet, the Statement
the circumstances, but not for the purpose of expressing an
of Profit and Loss, and the Cash Flow Statement
opinion on the effectiveness of the entitys internal control.
comply with the Accounting Standards notified
An audit also includes evaluating the appropriateness
97
STANDALONE
under the Companies Act, 1956 read with General of clause (g) of sub-section (1) of section 274 of the
Circular 15/2013 dated 13 September 2013, issued Companies Act, 1956.
by the Ministry of Corporate Affairs, in respect of
For S.R. Batliboi & Co. LLP
Section 133 of the Companies Act, 2013; and
(e) On the basis of written representations received ICAI Firm Registration Number: 301003E
from the directors as on December 31, 2013, and
per Jayesh Gandhi
taken on record by the Board of Directors, none
Partner
of the directors is disqualified as on December 31,
Membership Number: 037924
2013, from being appointed as a director in terms
Place : Mumbai
Date : February 14, 2014
Annexure
REFERRED TO IN PARAGRAPH 1 UNDER THE HEADING REPORT ON OTHER LEGAL AND
REGULATORY REQUIREMENTS OF OUR REPORT OF EVEN DATE
Re: CRISIL Limited (v) In our opinion, there are no contracts or arrangements
that need to be entered in the register maintained under
(i) (a) The Company has maintained proper records Section 301 of the Companies Act, 1956. Accordingly,
showing full particulars, including quantitative the provisions of clause (v) (b) of paragraph 4 of the
details and situation of fixed assets. Order are not applicable to the Company and hence not
(b) Fixed assets have been physically verified by commented upon.
the management during the year and no material (vi) The Company has not accepted any deposits from the
discrepancies were identified on such verification. public.
(c) There was no substantial disposal of fixed assets (vii) In our opinion, the Company has an internal audit system
during the year. commensurate with the size and nature of its business.
(ii) The Company is engaged in the business of providing (viii) To the best of our knowledge and as explained, the Central
rating and research services and therefore the provisions Government has not prescribed maintenance of cost
of clause (ii) of paragraph 4 of the Order are not applicable records under clause (d) of sub-section (1) of section 209 of
to the Company and hence not commented upon. the Companies Act, 1956 for the services of the Company.
(iii) According to the information and explanations given (ix) (a) The Company is regular in depositing with
to us, the Company has not granted / taken any loans, appropriate authorities undisputed statutory
secured or unsecured to / from companies, firms or dues including provident fund, investor education
other parties covered in the register maintained under and protection fund, employees state insurance,
section 301 of the Companies Act, 1956. Accordingly, the income-tax, sales-tax, wealth-tax, service tax, cess
provisions of clause (iii) (a) to (g) of paragraph 4 of the and other material statutory dues applicable to it.
Order are not applicable to the Company and hence not The provisions relating to custom duty and excise
commented upon. duty are not applicable to the Company.
(iv) In our opinion and according to the information and (b) According to the information and explanations given
explanations given to us, there is an adequate internal to us, no undisputed amounts payable in respect of
control system commensurate with the size of the provident fund, investor education and protection
Company and the nature of its business, for the purchase fund, employees state insurance, income-tax,
of fixed assets and for rendering of services. The activities wealth-tax, service tax, sales-tax, customs duty,
of the Company do not involve purchase of inventory and excise duty, cess and other material undisputed
sale of goods. During the course of our audit, we have statutory dues were outstanding, at the year end,
not observed any major weakness or continuing failure for a period of more than six months from the date
to correct any major weakness in the internal control they became payable.
system of the Company in respect of these areas.

(c) According to the records of the Company, amounts of income-tax and service tax dues disputed by the Company, are
as follows:
Period to which
Name of the Statute Nature of Dues Amount (Rs.) the amount Forum where dispute is pending
relates
Income Tax Act, 1961 Income Tax 5,000,000 A.Y. 2000-01 High Court
8,649,718 A.Y. 2001-02 High Court
6,213,853 A.Y. 2002-03 High Court
3,638,159 A.Y. 2003-04 High Court
6,005,778 A.Y. 2004-05 High Court
2,876,744 A.Y. 2005-06 Deputy Commissioner of Income Tax
4,893,510 A.Y. 2006-07 Commissioner of Income Tax
(Appeals)
4,972,046 A.Y. 2007-08 Commissioner of Income Tax
(Appeals)
30,723,070 A.Y. 2008-09 Income Tax Apellate Tribunal
Sales Tax Act, 1956 Sales Tax 1,927,861 FY 2003-04 Asst. Comm. Of Sales Tax (Appeals)
3,445,717 FY 2004-05 Asst. Comm. Of Sales Tax (Appeals)
Finance Act Service Tax 15,042,302 F.Y. 1999-2000 to Commissioner of central Excise
2001-2002
(x) The Company has no accumulated losses at the end of (xviii)The Company has not made any preferential allotment
the financial year and it has not incurred cash losses in of shares to parties or companies covered in the register
the current and immediately preceding financial year. maintained under section 301 of the Companies Act,
1956.
(xi) The Company has not taken any loans from financial
institutions, banks and has not issued any debentures. (xix) The Company did not have any outstanding debentures
during the year.
(xii) According to the information and explanations given to
us and based on the documents and records produced (xx) The Company has not raised any money by public issues
to us, the Company has not granted loans and advances during the year.
on the basis of security by way of pledge of shares,
(xxi) Based upon the audit procedures performed for the
debentures and other securities.
purpose of reporting the true and fair view of the
(xiii) In our opinion, the Company is not a chit fund or a nidhi / financial statements and as per the information and
mutual benefit fund / society. Therefore, the provisions explanations given by the management, we report that
of clause 4 (xiii) of the Order are not applicable to the no fraud on or by the Company has been noticed or
Company. reported during the year.
(xiv) In our opinion, the Company is not dealing in or trading For S.R. Batliboi & Co. LLP
in shares, securities, debentures and other investments. Chartered Accountants
Accordingly, the provisions of clause 4(xiv) of the Order ICAI Firm Registration Number: 301003E
are not applicable to the Company.
per Jayesh Gandhi
(xv) According to the information and explanations given to Partner
us, the Company has not given any guarantee for loans Membership Number: 037924
taken by others from banks or financial institutions. Place: Mumbai
(xvi) The Company did not have any term loans outstanding Date: February 14, 2014
during the year.
(xvii) The Company has not raised any funds on short term
basis.
99
STANDALONE
Balance Sheet
as at December 31, 2013 Rupees
As at As at
Particulars Notes
EQUITY AND LIABILITIES

Shareholders' funds
Share capital 3 70,652,890 70,235,740
Reserves and surplus 4 6,017,697,424 4,474,442,797
Non-current liabilities
Trade payables 5 139,009,687 148,003,540
Current liabilities
Trade payables 5 636,585,510 671,672,759
Other liabilities 6 912,164,853 770,532,855
Provisions 7 1,225,370,545 646,204,112
TOTAL 9,001,480,909 6,781,091,803
ASSETS
Non-current assets
Fixed assets
Tangible assets 8 836,377,517 966,576,986
Investments 9 1,505,799,530 1,507,242,181
Deferred tax assets (Net) 10 161,498,270 124,484,516
Loans and advances 11 1,806,614,268 1,468,314,628
Other assets 13 6,958,357 480,221
Current assets
Investments 9 2,215,631,084 809,582,011
Trade receivables 12 1,530,101,977 1,083,597,728
Cash and bank balances 14 418,921,895 374,487,662
Loans and advances 11 338,833,710 328,127,376
Other assets 13 180,744,301 118,198,494
TOTAL 9,001,480,909 6,781,091,803
Summary of significant accounting policies 2
The accompanying notes are an integral part of the financial statements.

As per our report of even date
For S.R. Batliboi & Co. LLP For and on behalf of the Board of Directors of CRISIL Limited
ICAI Firm Registration No.: 301003E
per Jayesh Gandhi Roopa Kudva M. Damodaran H.N. Sinor
Partner Managing Director & Director Director
Membership No.: 037924 Chief Executive Officer
Date: February 14, 2014 Nachiket Mor Yann Le Pallec
Place: Mumbai Director Director
Neelabja Chakrabarty
Company Secretary
Date: February 14, 2014
Place: Mumbai

Statement of Profit and Loss
for the year ended December 31, 2013 Rupees
Year Ended Year Ended
Particulars Notes
INCOME
Income from operations 15 7,892,798,559 7,365,982,190
Other income 16 428,993,661 226,477,560
TOTAL 8,321,792,220 7,592,459,750
EXPENSES
Personnel expenses 17 2,940,427,867 2,732,629,610
Establishment expenses 18 642,529,470 652,408,818
Other expenses 19 1,613,171,250 1,265,343,322
Depreciation / Amortisation 8 232,241,739 239,245,796
TOTAL 5,428,370,326 4,889,627,546
Profit before exceptional item 2,893,421,894 2,702,832,204
Exceptional items 28 993,630,030 -
Profit before tax 3,887,051,924 2,702,832,204
Tax expense
Current tax 21 1,112,239,742 808,160,913
Deferred tax charge / (benefit) (37,013,754) (33,927,659)
TOTAL TAX EXPENSE 1,075,225,988 774,233,254
Profit after tax 2,811,825,936 1,928,598,950
Earnings per share : Nominal value of Re.1
Basic 39.91 27.49
Diluted (On account of ESOS, refer note 33) 39.79 27.34
Number of Shares used in Computing earnings per share
Basic 70,456,790 70,150,532
Diluted (On account of ESOS, refer note 33) 70,668,105 70,531,039

Company Secretary
Place: Mumbai
101
STANDALONE
Cash Flow Statement

Particulars
A. CASH FLOW FROM OPERATING ACTIVITIES

Adjustments for :
Depreciation/Amortisation 232,241,739 239,245,796
Unrealised foreign exchange (gain)/loss 22,081,382 (11,497,262)
Profit on sale of fixed assets (8,067,594) (16,566,770)
Exceptional item - Profit on sale of investments (Refer note 28) (993,630,030) -
Provision for bad debts 108,054,193 115,807,565
Interest on bank deposits (22,381,856) (48,247,079)
Interest on loan to subsidiary (71,237,887) (35,898,211)
Dividend income - Other investments (66,820,743) (27,247,726)
Operating profit before working capital changes 3,087,291,128 2,918,428,517
Movements in working capital
- (Increase)/decrease in trade receivables (560,204,452) (404,607,708)
- (Increase)/decrease in sundry deposits 7,162,284 (18,602,802)
- (Increase)/decrease in loans to employees 845,064 (6,239,190)
- (Increase)/decrease in advances (4,571,551) (32,015,720)
- (Increase)/decrease in accrued revenue (58,927,433) (33,968,055)
- Increase/(decrease) in trade payables (43,642,470) (87,232,615)
- Increase/(decrease) in unearned revenue and fees received in advance 27,156,811 (70,255,944)
- Increase/(decrease) in provision for leave benefits 24,932,720 39,087,113
- Increase/(decrease) in provision for gratuity 2,840,148 26,379,261
- Increase/(decrease) in other liabilities 4,939,795 (12,426,830)
Cash generated from operations 2,487,822,044 2,318,546,027
- Taxes paid (1,024,131,367) (832,430,963)
NET CASH GENERATED FROM OPERATING ACTIVITIES - (A) 1,463,690,677 1,486,115,064
B. CASH FLOW FROM INVESTING ACTIVITIES

Purchase of fixed assets (108,729,217) (206,019,926)
Proceeds from sale of fixed assets 14,988,029 31,986,685
Interest on loan to subsidiary 66,003,765 29,262,317
Loan given to subsidiary (455,224,348) (831,617,882)
Loan repaid by subsidiary 213,044,300 62,228,250
Investments in mutual funds (2,215,631,084) (2,149,582,011)
Sale proceeds from investments in mutual funds 809,582,041 1,340,000,000
Investment in fixed deposits (157,506,618) (100,000)
Proceeds from fixed deposit maturity 7,958,102 1,354,061,688
Payment made for acquisition of Coalition Development Systems (India) - (87,133,877)
Private Limited (Refer note - 34)

Rupees
Particulars
Payment made for acquisition of Mercator Info-Services India Private - (37,108,494)
Limited (Refer note - 34)
Sale proceeds from divestiture in India Index Services and Products 1,000,000,000 -
Limited (Refer note - 28)
Investment in Credit Analysis and Research Limited (812) -
Investment in CRISIL Irevna UK Limited - (298,883,583)
Interest on bank deposits 19,443,710 106,588,362
Investment in CRISIL Irevna Information Technology (Hangzhou) Co. Limited (4,926,537) -
Dividend income - Other investments 66,820,743 27,247,726
NET CASH GENERATED (USED) IN INVESTING ACTIVITIES - (B) (744,177,926) (659,070,745)
C. CASH FLOW FROM FINANCING ACTIVITIES

Proceeds from issuance of share capital on exercise of stock options
249,132,360 102,812,724
(Refer note - 33)
Dividend and dividend tax paid (1,071,265,556) (1,202,206,941)
Payment towards buy back of shares - (6,795,885)
NET CASH USED IN FINANCING ACTIVITIES - (C) (822,133,196) (1,106,190,102)
D. EFFECT OF EXCHANGE DIFFERENCE ON TRANSLATION OF 317,138 2,689,339

FOREIGN CURRENCY CASH AND CASH EQUIVALENTS - (D)
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS (A+B+C+D) (102,303,307) (276,456,444)

Cash and cash equivalents - Opening balance 359,499,380 635,955,824
Cash and cash Equivalents - Closing balance 257,196,073 359,499,380
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS (102,303,307) (276,456,444)
Components of cash and cash equivalents as at
With banks on current account 246,855,794 349,498,075
Unpaid dividend account (Earmarked for unpaid dividend) 10,340,279 10,001,305
257,196,073 359,499,380
Company Secretary
Place: Mumbai
103
STANDALONE
Notes to financial statements

for the year ended December 31, 2013
1 NATURE OF OPERATIONS disposal are stated at lower of the net book value
and net realisable value and are shown under other
CRISIL Limited (the Company) is a global analytical
current assets.
company providing ratings and research services. CRISIL
is Indias leading ratings agency and also the foremost Software purchased is charged to the Statement of
provider of high-end research to the worlds largest banks Profit and Loss as and when incurred.
and leading corporations. With sustainable competitive
advantage arising from our strong brand, unmatched 2.3 Depreciation
credibility, market leadership across businesses, and Depreciation is provided using the Straight Line
large customer base, CRISIL delivers analysis, opinions, Method ( SLM) as per the useful lives of the assets
and solutions that make markets function better. estimated by the management, or at the rates
1.1 Basis of preparation of financial statement prescribed under schedule XIV of the Act, whichever
is higher.
The financial statements have been prepared in
accordance with generally accepted accounting
Rates Schedule XIV
principles in India (Indian GAAP) under the historical Assets
(SLM) Rates (SLM)
cost convention on an accrual basis in compliance Buildings 5.00% 1.63%
with all material aspect of the Accounting Standards Furniture & fixtures 10.00% 6.33%
notified under the Companies Act, 1956 read with
Office equipments 10.00% 4.75%
General Circular 15/2013 dated 13 September 2013,
Office equipments 33.33% 4.75%
issued by the Ministry of Corporate Affairs, in
(Mobile instruments)
respect of Section 133 of the Companies Act, 2013.
Computers 33.33% 16.21%
The accounting policies have been consistently
Vehicles 33.33% 9.50%
applied by the Company and are consistent with
those used in the previous year. Leasehold Improvements are amortised over the lease
term or useful life of the asset, whichever is less.
2 SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES Fixed assets having original cost of less than
2.1 Use of estimates Rs. 5,000 individually, are depreciated fully in the
The preparation of financial statements in year / period of purchase.
conformity with generally accepted accounting
2.4 Impairment
principles requires management to make estimates
The carrying amounts of assets are reviewed at
and assumptions that affect the reported amounts
each balance sheet date if there is any indication
of assets and liabilities and disclosure of contingent
of impairment based on internal/external factors. An
liabilities at the date of the financial statements
impairment loss is recognised wherever the carrying
and the results of operations during the reporting
amount of an asset exceeds its recoverable amount.
year end. Although these estimates are based upon
The recoverable amount is the greater of the assets
managements best knowledge of current events
net selling price and value in use.
and actions, actual results could differ from these
estimates. After impairment, depreciation is provided on
the revised carrying amount of the asset over its
2.2 Fixed assets
remaining useful life.
Fixed assets are stated at cost, less accumulated
depreciation and impairment losses if any. Cost 2.5 Operating leases
comprises the purchase price and any attributable Leases where the lessor effectively retains
cost of bringing the asset to its working condition substantially all the risks and benefits of ownership
for its intended use. Items of fixed asset held for of the leased term, are classified as operating

leases. Operating lease payments are recognised as Dividend income
an expense in the Statement of Profit and Loss on a Revenue is recognised when the shareholders right
straight-line basis over the lease term. to receive payment is established by the balance
sheet date.
2.6 Investments
Investments that are readily realisable and intended Profit/(loss) on sale of investment
to be held for not more than a year are classified Profit/(loss) on sale of investment is accounted
as current investments. All other investments when the sale/transfer deed is executed. On disposal
are classified as long-term investments. Current of such investments, the difference between the
investments are carried at lower of cost and fair carrying amount and the disposal proceeds, net of
value determined on an individual investment expenses, is recongnised in the Statement of Profit
basis. Long-term investments are carried at cost. and Loss statement.
However, provision for diminution in value is made
to recognise a decline other than temporary in the 2.8 Retirement and other employee benefits
value of the investments. Retirement benefits in the form of Provident Fund is
a defined contribution scheme and the contributions
2.7 Revenue recognition
are charged to the Statement of Profit and Loss of
Revenue is recognised to the extent that it is the year when the contributions to the respective
probable that the economic benefits will flow to the funds are due. There are no other obligations other
Company and the revenue can be reliably measured. than the contribution payable to the respective
authorities.
Income from operations
Income from Operations comprises of income from Gratuity liability is provided for on the basis of an
initial rating fees and surveillance services, global actuarial valuation on projected unit credit method
research and analytical services, customised made at the end of each financial year.
research, subscriptions to information products and
Short term compensated absences are provided
services, revenue from initial public offering (IPO)
for based on estimates. Long term compensated
grading services and independent equity research
absences are provided for based on actuarial
(IER) services. Initial rating fees are deemed to
valuation. The actuarial valuation is done as per
accrue at 96% on the date the rating is awarded
projected unit credit method.
and the balance 4% is recorded equally over 11
months subsequent to the month in which the Actuarial gains/losses are immediately taken to the
rating was awarded. Revenue on service contracts Statement of Profit and Loss and are not deferred.
are recognised on completion of related services.
Surveillance fee, subscription to information 2.9 Foreign currency transactions
products and services and revenue from IER are Initial recognition
accounted on a time proportion basis. Revenue from
Foreign currency transactions are recorded in
customised research and IPO grading are recognised
reporting currency (INR) by applying to the foreign
in the period in which such assignments are carried
currency amount to the monthly average exchange
out or milestones achieved. Fees with respect to
rates for the respective periods in which the
certain categories of clients are recognised only
transaction takes place
when there is reasonable certainty of collection.
Conversion
Interest income
Foreign currency monetary items are reported using
Revenue is recognised on a time proportion basis
the closing rates. Non monetary items which are
taking into account the amount outstanding and the
carried in terms of historical costs denominated in
rate applicable.
105
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a foreign currency are reported using the exchange the transaction is settled during the reporting year,
rate at the date of transaction. and the corresponding foreign currency amount
translated at the later of the date of inception of the
Exchange difference forward exchange contract and the last reporting
Exchange differences relating to long term monetary date. Such exchange differences are recognised in
items, arising during the year are accumulated in the Statement of Profit and Loss in the reporting
the Foreign Currency Monetary Item Translation year in which the exchange rates change.
Account and amortised to the Statement of Profit
and Loss over the balance life of the long term The Company has adopted the principles of
monetary item. All other exchange differences are AS 30 Financial Instruments: Recognition and
recognised as income or expense in the Statement Measurement in respect of its derivative financial
of Profit and Loss. instruments that are not covered by AS 11 Accounting
for the Effects of Changes in Foreign Exchange
Non-monetary items carried in terms of historical Rates and that relate to a firm commitment or a
cost denominated in a foreign currency are highly probable forecast transaction. In accordance
reported using the exchange rate at the date of with AS 30, such derivative financial instruments,
the transaction; and non-monetary items which which qualify for cash flow hedge accounting and
are carried at fair value or other similar valuation where the Company has met all the conditions of
denominated in a foreign currency are reported AS 30, are fair valued at the balance sheet date and
using the exchange rate that existed, when the the resultant gain/loss is credited/debited to the
values were determined. Exchange differences Hedging Reserve Account included in the Reserves
arising as a result of the above are recognised as and Surplus. This gain/loss would be recorded in the
income or expense in the Statement of Profit and Statement of Profit and Loss when the underlying
Loss. transactions affect earnings. Other derivative
instruments that relate to a firm commitment or
Forward contract
a highly probable forecast transaction and that
Forward contracts are entered into, to hedge the do not qualify for hedge accounting, have been
foreign currency risk of the underlying outstanding recorded at fair value at the reporting date and the
at the balance sheet date and also to hedge the resultant gain/loss has been credited/debited to the
foreign currency risk of firm commitment or highly Statement of Profit and Loss for the year.
probable forecast transactions. The premium or
discount on forward contracts that are entered into, Foreign currency translation on long term
to hedge the foreign currency risk of the underlying monetary items
outstanding at the balance sheet date arising at the In line with notification of the Companies
inception of each contract, is amortised as income (Accounting Standards) Amendment Rules, 2011
or expense over the life of the contract. Any profit issued by Ministry of Corporate Affairs on December
or loss arising on the cancellation or renewal of 29, 2011 amending Accounting Standard - 11
forward contracts is recognised as income or as (AS - 11) The Effects of Changes in Foreign Exchange
expense for the year. Rates (revised 2003), the Company has chosen
to exercise the option under para 46A inserted
In relation to the forward contracts entered
in the standard by the notification. Accordingly,
into, to hedge the foreign currency risk of the
exchange differences on all long term monetary
underlying outstanding at the balance sheet
items, with prospective effect from April 01, 2011,
date, the exchange difference is calculated as the
has been accumulated in the Foreign Currency
difference between the foreign currency amount
Monetary Translation Account and amortised to the
of the contract translated at the exchange rate at
Statement of Profit and Loss over the balance life of
the reporting date or the settlement date where
the long term monetary item.

2.10 Taxes on Income 2.11 Segment reporting policies
Tax expense comprises of current and deferred. Segment policies
Current income tax is measured at the amount The Company prepares its segment information in
expected to be paid to the tax authorities in conformity with the accounting policies adopted for
accordance with the Indian Income Tax Act of 1961 preparing and presenting the financial statements
enacted in India. Deferred income taxes reflects the of the company as a whole.
impact of current year timing differences between
taxable income and accounting income for the year Identification of segments
and reversal of timing differences of earlier years. The Companys operating businesses are organised
and managed separately according to the nature of
Deferred tax is measured based on the tax rates and
products and services provided, with each segment
the tax laws enacted or substantively enacted at the
representing a strategic business unit that offers
balance sheet date. Deferred tax assets and deferred
different products and serves different markets.
tax liabilities are offset, if a legally enforceable right
The analysis of geographical segments is based on
exists to set off current tax assets against current
the geographical locations of customers.
tax liabilities and the deferred tax assets and
deferred tax liabilities relate to the taxes on income Inter segment transfers
levied by same governing taxation laws. Deferred The Company generally accounts for inter segment
tax assets are recognised only to the extent that services and transfers as if the services or transfers
there is reasonable certainty that sufficient future were to third parties at current market prices.
taxable income will be available against which such
deferred tax assets can be realised. In situations Allocation of common costs
where the company has unabsorbed depreciation Common allocable costs are allocated to each
or carry forward tax losses, all deferred tax assets segment according to the relative contribution of
are recognised only if there is virtual certainty each segment to the total common costs.
supported by convincing evidence that they can be
realised against future taxable profits. Unallocated items
Unallocable income and expenses includes general
At each balance sheet date, the Company re-
corporate income and expense items which are not
assesses unrecognised deferred tax assets. It
allocated to any business segment.
recognises unrecognised deferred tax assets to the
extent that it has become reasonably certain that 2.12 Earnings Per Share
sufficient future taxable income will be available Basic earnings per share are calculated by dividing
against which such deferred tax assets can be the net profit or loss for the period attributable
realised. to equity shareholders by the weighted average
number of equity shares outstanding during the year.
The carrying amount of deferred tax assets are
reviewed at each Balance Sheet date. The Company For the purpose of calculating diluted earnings per
writes down the carrying amount of a deferred tax share, the net profit or loss for the period attributable
asset to the extent it is no longer reasonably or to equity shareholders and the weighted average
virtually certain, as the case may be, that sufficient number of shares outstanding during the period
future taxable income will be available against are adjusted for the effects of all dilutive potential
which deferred tax asset can be realised. Any equity shares.
such write down is reversed to the extent that it
becomes reasonably or virtually certain, as the case 2.13 Provisions
may be, that sufficient future taxable income will be A provision is recognised when an enterprise has
available. a present obligation as a result of past event; it
107
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is probable that an outflow of resources will be 2.15 Employee stock compensation cost
required to settle the obligation, in respect of which Measurement and disclosure of the employee share-
a reliable estimate can be made. Provisions are not based payment plans is done in accordance with
discounted to its present value and are determined SEBI (Employee Stock Option Scheme and Employee
based on best estimate required to settle the Stock Purchase Scheme) Guidelines, 1999 and the
obligation at the balance sheet date. These are Guidance Note on Accounting for Employee Share-
reviewed at each balance sheet date and adjusted based Payments, issued by the Institute of Chartered
to reflect the current best estimates. Accountants of India. The Company measures
compensation cost relating to employee stock options
2.14 Cash and cash equivalents
using the intrinsic value method. Compensation
Cash and cash equivalents in the cash flow
expense is amortised over the vesting period of the
statement comprise cash at bank and in hand and
option on a straight line basis wherever grant price is
short-term investments with an original maturity of
lower then the market price.
three months or less.
3. SHARE CAPITAL Rupees

As at As at
Authorised Capital
100,000,000 Equity Shares of Re.1 each (P.Y. 100,000,000 of Re.1 each) 100,000,000 100,000,000
Issued, Subscribed and Paid Up
70,652,890 Equity Shares of Re. 1 each fully paid up (P.Y. 70,235,740 of 70,652,890 70,235,740
Re. 1 each)
TOTAL 70,652,890 70,235,740
(a) Reconciliation of the shares outstanding at the beginning and at the end of the year
Equity shares
As at December 31, 2013
Rupees Nos.
At the beginning of the year (face value of Re. 1/- per share) 70,235,740 70,235,740
Add - Issued during the year Under employee stock option scheme (ESOS)
417,150 417,150
(Refer Note 33)
Outstanding at the end of the year 70,652,890 70,652,890

Rupees Nos.
At the beginning of the year (face value of Re. 1/- per share) 70,058,440 70,058,440
Add - Issued during the year Under employee stock option scheme (ESOS) 177,300 177,300
(Refer Note 33)

(b) Terms/ rights attached to equity shares
The company has only one class of equity shares having par value of Re.1 per share. Each holder of equity shares is
entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by
the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of
the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity
shares held by the shareholders.
(c) Shares held by holding/ultimate holiding and/or their subsidiaries

Out of equity shares issued by the company, shares held by its holding company, ultimate holding company and their
subsidiaries/associates are as below:
Rupees
As at As at
Particulars
Group Holding of the McGraw Hill Financial, Inc.
31,209,480 Equity shares of Re. 1 each fully paid held by S&P India, LLC,
Fellow Subsidiary (P.Y. 31,209,480 of Re. 1 each) 31,209,480 31,209,480
10,612,709 * Equity shares of Re. 1 each fully paid held by McGraw-Hill
Asian Holdings (Singapore) Pte Limited, LLC, Fellow Subsidiary (P.Y. Nil) 10,612,709 -
* 10,350 Equity shares pending registration for transfer as on 31 December

2013 have not been included above.
6,000,000 Equity shares of Re. 1 are held by Standard & Poor's International
LLC-USA, Fellow Subsidiary (P.Y. 6,000,000 of Re. 1 each) 6,000,000 6,000,000
47,822,189 37,209,480
(d) Aggregate number of bonus shares issued, shares issued for consideration other than cash and shares bought
back during the period of five years immediately preceding the reporting date
Particulars Nos.
Equity shares bought back by the company
In 2009 Nil
In 2010 1,281,560
In 2011 910,000
In 2012 Nil
In 2013 Nil
2,191,560
Aggregate number of bonus shares and shares issued for consideration other than cash during the period of 5 years
immediately preceding the reporting date is Nil.
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(e) Details of shareholders holding more than 5% shares in the company

Name of the shareholder
% holding in the class Nos.
Equity shares of Re. 1 each fully paid
1. Group Holding of the McGraw Hill Financial, Inc.
a) S&P India, LLC 44.17% 31,209,480
b) McGraw-Hill Asian Holdings (Singapore) Pte. Ltd. 15.02% 10,612,709
c) Standard & Poor's International LLC, USA 8.49% 6,000,000
2. Jhunjhunwala Rakesh & Rekha 5.66% 4,000,000

a) S&P India, LLC 44.44% 31,209,480
b) McGraw-Hill Asian Holdings (Singapore) Pte. Ltd. - -
As per records of the Company, including its register of shareholders/members and other declarations received from
shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.
(f) Shares reserved for issue under options

For details of shares reserved for issue under the employee stock option scheme (ESOS) plan of the Company, please
refer note 33.
4. RESERVES AND SURPLUS Rupees

As at As at
Securities premium account
Opening balance 102,635,424 -
Add :- Received on exercise of employee stock options (Refer note 33) 248,715,210 102,635,424
351,350,634 102,635,424
Capital reserve 122,232,111 122,232,111
Capital redemption reserve 2,191,560 2,191,560
General reserve
Opening balance 636,969,222 444,109,327
Add : Transferred from the Statement of Profit and Loss 281,182,594 192,859,895
918,151,816 636,969,222

4. RESERVES AND SURPLUS (CONTD.) Rupees
As at As at
Hedging reserve account
Opening balance (29,611,842) (162,366,170)
(Add)/Less : Movement during the year (108,810,447) 132,754,328
(138,422,289) (29,611,842)
Foreign currency monetary item translation account
Opening balance 79,422,051 45,664,182
Add :- Movement during the year 163,213,013 33,757,869
242,635,064 79,422,051
Surplus in the Statement of profit and loss
Opening balance 3,560,604,271 3,130,239,202
Add : Profit after tax for the year 2,811,825,936 1,928,598,950
Less: Appropriations
Proposed final equity dividend (706,528,900) (280,942,960)
Interim dividend (634,997,490) (842,225,470)
Corporate dividend tax (230,162,695) (182,205,556)
Transfer to general reserve (281,182,594) (192,859,895)
Total appropriations (1,852,871,679) (1,498,233,881)
Net surplus in the statement of profit and loss 4,519,558,528 3,560,604,271
TOTAL 6,017,697,424 4,474,442,797
5. TRADE PAYABLES Rupees

As at As at
Current
Trade payables (Refer note 22) 636,585,510 671,672,759
636,585,510 671,672,759
Non-current
Trade payables (Refer note 22) 139,009,687 148,003,540
139,009,687 148,003,540
TOTAL 775,595,197 819,676,299
111
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6. OTHER LIABILITIES Rupees

As at As at
Current
Statutory liabilities 65,899,993 60,960,198
Unearned revenue and fees received in advance 697,502,292 669,959,510
Forward contract liability 138,422,289 29,611,842
Unpaid dividend (Investor Education and Protection Fund will be credited as 10,340,279 10,001,305
and when due)
TOTAL 912,164,853 770,532,855
7. PROVISIONS Rupees
As at As at
Current
For employee benefits
For gratuity (Refer note 30) 75,020,727 72,180,579
For leave benefits 272,437,321 247,504,601
Other provisions
Proposed equity dividend 706,528,900 280,942,960
Corporate dividend tax thereon 120,074,587 45,575,972
For tax (net of advance tax) 51,309,010 -
TOTAL 1,225,370,545 646,204,112

8. FIXED ASSETS Rupees
Gross Block at Cost Accumulated Depreciation/Amortisation Net Block
As at As at Up to Up to As at
Deductions / For the Deductions /
January 1, Additions December 31, January 1, December 31, December 31,
Adjustments Year Adjustments
2013 2013 2013 2013 2013
Tangible assets
Buildings 157,352,097 - - 157,352,097 102,237,888 7,783,110 - 110,020,998 47,331,099
Furniture and fixtures 219,483,736 2,639,535 6,465,850 215,657,421 108,667,405 16,809,043 6,113,632 119,362,816 96,294,605
Office equipments 337,391,869 8,719,330 25,549,977 320,561,222 148,360,989 29,679,158 23,458,815 154,581,332 165,979,890
Computers 556,227,762 77,713,961 37,144,157 596,797,566 427,575,059 83,886,876 36,060,211 475,401,724 121,395,842
Vehicles 55,788,073 14,233,526 13,220,667 56,800,932 31,084,660 14,583,586 9,827,558 35,840,688 20,960,244
Leasehold improvements 692,347,645 5,656,353 - 698,003,998 234,088,195 79,499,966 - 313,588,161 384,415,837
TOTAL 2,018,591,182 108,962,705 82,380,651 2,045,173,236 1,052,014,196 232,241,739 75,460,216 1,208,795,719 836,377,517

As at As at Up to Up to As at
Deductions / For the Deductions /
January 1, Additions December 31, January 1, December 31, December 31,
Adjustments Year Adjustments
2012 2012 2012 2012 2012
Tangible assets
Buildings 161,565,478 - 4,213,381 157,352,097 97,829,098 7,973,585 3,564,795 102,237,888 55,114,209
Furniture and fixtures 213,361,302 13,303,647 7,181,213 219,483,736 95,029,791 17,825,172 4,187,558 108,667,405 110,816,331
Office equipments 318,238,923 30,429,970 11,277,024 337,391,869 124,385,477 30,387,443 6,411,931 148,360,989 189,030,880
Computers 539,541,250 90,640,398 73,953,886 556,227,762 408,300,413 92,419,829 73,145,183 427,575,059 128,652,703
Vehicles 53,799,363 17,224,409 15,235,699 55,788,073 31,448,751 13,739,330 14,103,421 31,084,660 24,703,413
Leasehold improvements 645,043,872 58,844,810 11,541,037 692,347,645 163,523,707 76,900,437 6,335,949 234,088,195 458,259,450
TOTAL 1,931,550,188 210,443,234 123,402,240 2,018,591,182 920,517,237 239,245,796 107,748,837 1,052,014,196 966,576,986
113
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9. INVESTMENTS Rupees
As at As at
A. Non-current investments
Trade investments (valued at cost unless stated
otherwise)
Unquoted equity instruments
Investment in Subsidiaries (Companies under same
management)
49,999,900 (P.Y. 49,999,900) Equity Shares of 49,999,900 49,999,900
CRISIL Risk and Infrastructure Solutions Limited of
Re. 1 each, fully paid up
5,514,100 (P.Y. 5,514,100) Equity Shares of CRISIL 1,139,027,822 1,139,027,822
Irevna UK Limited, of 1 each, fully paid up
704,018 (P.Y. 704,018) Equity Shares of CRISIL 10,501,668 10,501,668
Irevna Argentina S.A. of ARS 1 each, fully paid up
10,000 (P.Y. 10,000) Equity Shares of Pipal Research 111,292,051 111,292,051
Analytics and Information Services India Private
Limited of Rs. 10 each, fully paid up
100% Investment in the capital (P.Y. 100% 14,483,687 9,557,150
Investment) of CRISIL Irevna Information &
Technology (Hangzhou) Co., Limited
100,000 (P.Y. 100,000) Equity Shares of Mercator 37,108,494 37,108,494
Info-Services India Private Limited of Rs. 10 each,
fully paid up (Refer note 34)
50,000 (P.Y. 50,000) Equity Shares of Coalition 87,133,877 87,133,877
Development Systems (India) Private Limited of
Rs. 10 each, fully paid up (Refer note 34)
Investment in joint venture
Nil (P.Y. 637,000) Equity Shares of India Index - 6,370,000
Services and Products Limited of Rs. 10 each, fully
paid up (Refer note 28)
Other Investments
300,000 (P.Y. 300,000) Equity Shares of Caribbean 13,642,500 13,642,500
Information and Credit Rating Agency of US$1 each,
fully paid up
Less: Provision for diminution in value of Investment (13,642,499) 1 (13,642,499) 1

9. INVESTMENTS (CONTD.) Rupees
As at As at
1,875,000 (P.Y. 1,875,000) Equity Shares of National 56,250,000 56,250,000
Commodity and Derivative Exchange Limited of
Rs. 10 each, fully paid up
Quoted equity instruments
Other Investments
1 (P.Y. Nil) Equity Share of Credit Analysis and 812 -
Research Limited of Rs. 10 each, fully paid up
1 (P.Y. 1) Equity Share of ICRA Limited of Rs. 10 each, 1,218 1,218
fully paid up
TOTAL LONG TERM (AT COST) - {A} * 1,505,799,530 1,507,242,181
B. Current investments
Non-trade investments (valued at lower of cost or
market value)
Unquoted mutual funds
Investments in Mutual Funds (Unquoted)
Nil (P.Y. 160,177.92) units of face value Rs. 1000.00 - 163,292,696
each UTI Liquid Cash Plan Institutional - Daily
Income Option-Reinvestment
(Sold 160,177.92 units during current year)
Nil (P.Y. 1,824,758.72) units of face value Rs. 100.00 - 182,831,700
each Birla Sunlife Cash Plus - Daily Dividend-Regular
Plan-Reinvestment
(Sold 1,824,758.72 units during current year)
each ICICI Prudential Liquid -Regular Plan-Daily Dividend
each Baroda Pioneer Liquid Fund - Daily Dividend Plan
each IDFC Cash Fund - Regular Plan Daily Dividend
85,357.00 (P.Y. Nil) units of face value Rs. 1000.00 each 85,367,060 -
Axis Liquid Fund - Direct Plan - Daily Dividend (CFDRR)
80,832.68 (P.Y. Nil) units of face value Rs. 1000.00 88,754,283 -
each LIC NOMURA MF Liquid Fund - DIRECT -
Dividend Plan-LF-D1
115
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As at As at
each SBI PLF - Direct Plan - Daily Dividend
each IDFC Cash Fund - Direct Plan - Daily Dividend
each UTI-Liquid Cash Plan- Institutional - Direct Plan
- Daily Dividend Reinvestment
2,972,261.37 (P.Y. Nil) units of face value Rs. 10.00 30,027,270 -
each Sundaram Money Fund - Direct Plan - Daily
Dividend
each HDFC Liquid Fund-Direct Plan - Daily Dividend
Reinvestment
25,000,000 (P.Y. Nil) units of face value Rs. 10.00 250,000,000 -
each HDFC FMP 370D August 2013 (4) Fixed
Monthly Plan, NFO
25,000,000 (P.Y. Nil) units of face value Rs. 10.00 each 250,000,000 -
UTI FMP Collection Fund - Fixed Monthly Plan, NFO
each IDFC FTP Series 31 - Fixed Monthly Plan, NFO
each ICICI Prudential Fixed Maturity Plan - Series 69
- 369 Days - Plan J - Fixed Monthly Plan, NFO
each Deutsche Mutual Fund - FMP Series 34 - Direct
- Growth
2,215,631,084 809,582,011
TOTAL INVESTMENTS IN MUTUAL FUNDS {B} ** 2,215,631,084 809,582,011
TOTAL INVESTMENTS {A}+{B} 3,721,430,614 2,316,824,192
*Aggregate market value of Company's investment 2,354 1,469
in Quoted equity instruments
**Aggregate Net Asset Value (NAV) of Company's 2,260,250,085 809,582,011
investment in Unquoted Mutual Funds

10. DEFERRED TAX ASSET Rupees
As at As at
Particulars
Deferred tax liability
On fixed assets 65,514,871 77,990,904
GROSS DEFERRED TAX LIABILITY 65,514,871 77,990,904
Deferred tax asset
On lease rent amortisation 51,845,182 50,183,432
On provision for leave encashment 84,839,013 72,208,815
On provision for bonus and commission 29,782,784 22,801,585
On provision for gratuity 18,230,461 21,326,083
On provision for bad debts 33,040,783 27,875,153
On initial rating fees deferred 6,156,020 5,771,506
On disallowance under section 40(a) 3,118,898 2,308,846
GROSS DEFERRED TAX ASSET 227,013,141 202,475,420
NET DEFERRED TAX ASSET 161,498,270 124,484,516
11. LOANS AND ADVANCES Rupees

As at As at
Particulars
Current
Unsecured, considered good
Sundry deposits 2,905,553 54,979,744
Loan to subsidiary 202,710,442 143,354,468
Advances recoverable in cash or kind 40,553,638 49,115,505
Other loans and advances
Cenvat credit receivable 27,747,124 17,447,892
Prepaid expenses 31,131,355 28,599,105
Loans to employees 33,785,598 34,630,662
338,833,710 328,127,376
Non-current
Sundry deposits 392,464,184 347,552,277
Loan to subsidiary 1,410,753,186 1,080,541,142
Advance income-tax (net of provision for taxation) - 36,799,365
Prepaid expenses 3,396,898 3,421,844
1,806,614,268 1,468,314,628
TOTAL 2,145,447,978 1,796,442,004
117
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12. TRADE RECEIVABLES Rupees

As at As at
Particulars
Current
Unsecured, considered good unless stated otherwise
Outstanding for a period exceeding six months from the date
they are due for payment
Unsecured, considered good 29,284,365 33,017,898
Unsecured, considered doubtful 97,207,364 85,394,429
Other receivables
Unsecured, considered good 1,500,817,612 1,050,579,830
Less : Provision for doubtful receivables (97,207,364) (85,394,429)
TOTAL 1,530,101,977 1,083,597,728
13. OTHERS ASSETS Rupees

As at As at
Particulars
Current
Interest accrued on fixed deposits 215,928 944,942
Accrued revenue 163,593,959 105,319,772
Asset held for sale - 233,488
Interest accrued on loan to subsidiary 16,934,414 11,700,292
180,744,301 118,198,494
Non-current
Interest accrued on fixed deposits 3,705,266 38,106
Other bank balances
Deposits with original maturity for more than 12 months 3,253,091 442,115
(Deposit includes fixed deposits with banks Rs. 3,168,815 (P.Y. Rs. 442,115)
marked as lien for guarantees issued by banks on behalf of the Company
(Refer note 20))
6,958,357 480,221
TOTAL 187,702,658 118,678,715

14. CASH AND BANK BALANCES Rupees
As at As at
Particulars
Cash and cash equivalents
Balances with banks
On current accounts 246,855,794 349,498,075
On unpaid dividend account 10,340,279 10,001,305
257,196,073 359,499,380
Other bank balances
Deposits with original maturity within 12 months 161,725,822 14,988,282
(Deposit includes fixed deposits with Banks Rs. 5,095,870 (P.Y. Rs. 3,732,206)
marked as lien for guarantees issued by banks on behalf of the Company
{Refer note 20})
TOTAL 418,921,895 374,487,662
15. INCOME FROM OPERATIONS Rupees

Particulars
Income from rating services (Refer note 35) 4,138,915,562 3,963,695,511
Income from research services 3,753,882,997 3,402,286,679
TOTAL 7,892,798,559 7,365,982,190
16. OTHER INCOME Rupees

Particulars
Interest on bank deposits 22,381,856 48,247,079
Interest on loan to subsidiary 71,237,887 35,898,211
Dividend on investments 66,820,743 27,247,726
Foreign exchange gain (Net) 233,924,425 66,885,224
Rental income - 7,700,000
Miscellaneous income 26,561,156 23,932,550
Profit on sale of fixed assets (Net) 8,067,594 16,566,770
TOTAL 428,993,661 226,477,560
119
STANDALONE

17. PERSONNEL EXPENSES Rupees

Particulars
Salaries, wages and bonus 2,807,020,336 2,573,997,813
Contribution to provident funds 83,098,146 75,098,916
Contribution to other funds 26,087,196 37,298,914
Staff welfare expenses 67,768,743 80,605,785
Less : Recoveries from subsidiaries towards overheads allocated (43,546,554) (34,371,818)
TOTAL 2,940,427,867 2,732,629,610
18. ESTABLISHMENT EXPENSES Rupees

Particulars
Repairs and maintenance - Buildings 89,389,221 81,478,008
Repairs and maintenance - Others 64,924,508 57,016,841
Electricity 71,553,918 64,205,224
Communication expenses 68,894,998 75,912,220
Insurance 1,422,175 1,459,124
Rent (Refer note 29) 351,762,155 375,865,672
Rates and taxes 1,718,757 2,530,658
TOTAL 642,529,470 652,408,818

19. OTHER EXPENSES Rupees
Particulars
Printing and stationery 25,680,812 28,354,485
Conveyance and travelling 191,596,932 177,140,828
Data subscription 32,153,350 30,505,018
Vehicle expenses 729,592 1,013,838
Remuneration to non-whole time directors 13,760,000 13,580,000
Business promotion and advertisement 10,119,757 9,617,466
Professional fees 905,563,483 585,672,017
Professional fees- Associate services 285,506,889 250,529,560
Software purchase expense 25,366,518 35,446,173
Provision for bad debts (Including bad debt) 108,054,193 115,807,565
Software maintenance expenses 7,822,468 6,749,900
Auditors' remuneration (Refer note 24) 3,222,603 3,515,638
Recruitment expenses 5,318,556 15,220,199
Miscellaneous expenses 15,069,182 5,051,503
TOTAL 1,613,171,250 1,265,343,322
20. DETAILS OF CONTINGENT LIABILITIES ARE AS UNDER Rupees

Particulars
1. Bank Guarantee in the normal course of business 8,264,685 4,174,321
2. Disputed Income, Service & Sales Tax Demand:
(i) Pending before Appellate authorities in respect of which the
69,882,397 69,882,397
Company is in appeal
(ii) Decided in Company's favour by Appellate Authorities and
23,506,360 23,506,360
Department is in further appeal
3. Estimated amount of contracts (net of advances) remaining to be
21,119,281 8,310,771
executed on capital account and not provided for
Management believes that the ultimate outcome of above matters will
not have a material adverse impact on its financial position, results of
operations and cash flows.
TOTAL 122,772,723 105,873,849
121
STANDALONE

21. The tax year of the Company being the year ending March 31, 2014, the provision for tax for the year is the aggregate
of the provision made for the three months ended March 31, 2013 and the provision for the nine months upto December
31, 2013. The tax provision for nine months has been arrived at using the effective tax rate for the period April 1, 2013
to March 31, 2014.
22. The Company has a process of identification of suppliers registered under the The Micro, Small and Medium Enterprises
Development (MSMED) Act, 2006 by obtaining confirmations from suppliers. There are no Micro, Small and Medium
Enterprises, as defined in the Micro, Small, Medium Enterprises Development Act, 2006 to whom the company owes
dues on account of principal amount together with interest and accordingly no additional disclosures have been made.
23. PAYMENT IN FOREIGN CURRENCY

a) Value of imports calculated on C.I.F basis for Capital goods is Rs. Nil (P.Y. Rs. 4,396,539)
b) Expenditure in foreign currency Rupees

Particulars
Foreign travel 36,258,356 22,732,271
Other expenses 14,832,949 17,014,988
TOTAL 565,411,633 490,493,358
c) Amount remitted during the year in foreign currency, on account of dividends

Particulars
Number of shareholders 3 2
Number of equity shares of Re 1 each held by them on which dividend was paid 47,822,189 37,209,480
Period to which dividend relates 2012 and 2013 2011 and 2012
Amount remitted (Rupees) 515,561,367 548,839,830
24. AUDITORS REMUNERATION INCLUDES Rupees

Particulars
Audit fees 2,789,000 2,939,000
In any other matter
Certification work 319,000 317,500
Out of pocket expenses 114,603 259,138
TOTAL 3,222,603 3,515,638

25. SEGMENT REPORTING
Business Segments
The Company has two major business segment: Ratings and Research. A description of the types of products and
services provided by each reportable segment is as follows:
Rating services includes credit ratings for corporates, banks, bank loans, small and medium enterprises (SME), training
in the credit rating field, credit analysis services, grading services and global analytical services
Research segments includes equity research, industry reports, customised research assignments, subscription to data
services, independent equity research (IER) and IPO gradings.
Segment reporting for the year ended December 31, 2013 Rupees
Business segments
Particulars Total
Ratings Research
Operating revenue (Refer note 35) 4,138,915,562 3,753,882,997 7,892,798,559
Segment results 1,639,439,148 1,202,051,506 2,841,490,654

Add / (Less) Unallocables:
1. Unallocable Income
Interest income 93,619,743
Profit on sale of fixed assets 8,067,594
Others 196,251,938
2. Unallocable expenditure (13,766,296)
3. Depreciation (232,241,739)
Profit before exceptional item 2,893,421,894
Exceptional item (refer note 28) 993,630,030
Profit before tax 3,887,051,924
Tax expense (1,075,225,988)
Profit after tax 2,811,825,936
Non-cash expenses other than depreciation and
121,241,113 12,097,544 133,338,657
amortisation
Segment Assets 431,948,918 2,594,908,023 3,026,856,941
Unallocable Assets* 5,974,623,968
Segment Liabilities 480,580,702 216,921,589 697,502,291
Unallocable Liabilities* 2,215,628,304
Revenue by Geographic segments

Geography Rupees
India 3,489,816,807
Europe 1,988,605,068
North America 2,151,715,790
Rest of the world 262,660,894
TOTAL 7,892,798,559
123
STANDALONE

25. SEGMENT REPORTING (CONTD.)

Segment Reporting for the year ended December 31, 2012 Rupees
Business segments
Particulars Total
Ratings Research
Operating revenue 3,963,695,511 3,402,286,679 7,365,982,190
Segment results 1,637,716,135 1,138,429,510 2,776,145,645

Add / ( Less ) Unallocables :
1. Unallocable income
Profit on sale of fixed assets 16,566,770
Others 71,515,945
Exceptional item -
Tax expense (774,233,254)
Non-cash expenses other than depreciation and
142,649,066 38,624,873 181,273,939
amortisation
Segment Assets 451,498,731 2,118,484,488 2,569,983,219
Unallocable Assets* 4,211,108,584
Segment Liabilities 466,840,889 203,118,621 669,959,510
Unallocable Liabilities* 1,566,453,756
Revenue by Geographic segments
Geography Rupees
India 3,165,558,893
Europe 2,035,596,763
TOTAL 7,365,982,190
Notes to Segmental Results :
*Assets and liabilites used interchangeably between segments has been classified as unallocable. The Company believes that
it is currently not practicable to allocate all assets and liabilities since a meaningful segregation of the available data is not
feasible.
The Company recovered certain common expenses from subsidiaries based on management estimates and disclosed as
Recoveries in Notes to the Statement of Profit and Loss.

26. LIST OF RELATED PARTIES
Parties Relationship
Related parties where control exists

McGraw Hill Financial, Inc. The Ultimate Holding Company
CRISIL Risk and Infrastructure Solutions Limited Subsidiary
CRISIL Irevna UK Limited Subsidiary
CRISIL Irevna US LLC Subsidiary of CRISIL Irevna UK Limited
CRISIL Irevna Poland Sp.zo.o Subsidiary of CRISIL Irevna UK Limited
CRISIL Irevna Argentina S.A. Subsidiary
CRISIL Irevna Information & Technology (Hangzhou) Co., Limited Subsidiary
Pipal Research Analytics and Information Services India Private Limited Subsidiary
Coalition Development Systems (India) Private Limited Subsidiary
Mercator Info-Services India Private Limited Subsidiary
Coalition Development Limited, UK Subsidiary of CRISIL Irevna UK Limited
Coalition Development Singapore Pte Limited Subsidiary of Coalition Development Limited, UK
Other Related parties
S&P India, LLC Fellow Subsidiary
Standard & Poor's LLC Fellow Subsidiary
Standard & Poor's International LLC, USA Fellow Subsidiary
Standard & Poor's South Asia Services Private Limited Fellow Subsidiary
McGraw-Hill Asian Holdings (Singapore) Pte. Ltd. Fellow Subsidiary
McGraw-Hill Companies Canada Corp. Fellow Subsidiary
McGraw Hill Asia Holding Fellow Subsidiary
S&P Credit Market Services Europe Ltd. Fellow Subsidiary
Standard & Poors Financial Services, LLC Fellow Subsidiary
S&P Singapore Pte. Ltd. Fellow Subsidiary
Standard & Poor's International Hong Kong Limited Fellow Subsidiary
Standard & Poors (Australia) Pty. Ltd. Fellow Subsidiary
India Index Services and Products Limited Joint Venture (Refer note 28)
Capital IQ Fellow Subsidiary
Ravinder Singhania Alternate Director
Key Management Personnel
Roopa Kudva 0DQDJLQJ'LUHFWRU &KLHI([HFXWLYH2IFHU
125
STANDALONE

27. RELATED PARTY DISCLOSURE Rupees

Name of the related party Nature of transaction
Standard & Poor's LLC Professional services rendered 12,404,360 -
Amount receivable 3,983,452 -
McGraw-Hill Companies Canada Corp Professional services rendered 5,158,241 5,068,961
Amount receivable 466,425 450,738
S&P Credit Market Services Europe Ltd Professional services rendered 330,389,545 296,060,678
Amount receivable 44,111,842 91,972,917
Standard & Poors Financial Services, LLC Professional services rendered 883,938,006 1,018,092,325
S&P Singapore Pte. Ltd. Professional services rendered 30,083,523 22,366,150
Standard & Poor's International Hong Kong Professional services rendered 9,693,662 4,977,283
Limited
Amount receivable 2,479,032 434,611
Standard & Poors (Australia) Pty. Ltd. Professional services rendered 21,564,186 8,773,571
Reimbursement of expenses 7,392,499 3,838,621
Amount payable - 6,919,050
S&P India, LLC Dividend 592,980,120 499,351,680
Share capital outstanding 31,209,480 31,209,480
Standard & Poor's South Asia Services Reimbursement of expenses 10,335,078 12,395,424
Private Limited received
Standard & Poor's International LLC, USA Dividend 114,000,000 96,000,000
Sitting fees and commission 3,960,000 3,920,000
paid to nominee directors
McGraw-Hill Asian Holdings (Singapore) Dividend 137,965,217 -
Pte. Ltd.
Share capital outstanding 10,612,709 -
McGraw Hill Financial, Inc. Amount receivable 130,018 90,241
(Formerly known as The McGraw-Hill Reimbursement of expenses 25,000 -
Companies, Inc.) received
McGraw Hill Asia Holding Reimbursement of expenses 4,475,617 -
received

27. RELATED PARTY DISCLOSURE (CONTD.) Rupees
CRISIL Risk and Infrastructure Solutions Professional services rendered 1,276,000 1,417,123
Limited
Expenses recovered 33,902,835 41,637,549
Share of overhead expenses
38,234,822 53,219,615
received
Amount receivable (net) 7,954,926 9,034,742
Investment outstanding 49,999,900 49,999,900
CRISIL Irevna UK Limited Professional services rendered 1,210,064,475 1,331,444,149
Reimbursement of expenses 2,144,297 -
received
Investment outstanding 1,139,027,822 1,139,027,822
Investment made during the
- 298,883,583
year
Loan outstanding 1,613,463,628 1,223,895,610
Loan given 455,224,348 831,617,882
Loan repaid 213,044,300 62,228,250
Interest income 71,237,887 35,898,211
Interest amount receivable 16,934,414 11,700,292
CRISIL Irevna US LLC Professional services rendered 1,016,922,029 805,574,785
CRISIL Irevna Argentina, S.A. Investment outstanding 10,501,668 10,501,668
Professional fees paid 323,512,800 247,516,723
Amount payable (net) 32,656,980 58,852,904
CRISIL Irevna Poland Sp.zo.o Amount receivable - 16,024,247
Amount payable 11,877,267 15,538,639
Reimbursement of expenses - 5,622,820
received
India Index Services and Products Limited Dividend received 7,644,000 7,644,000
Investment outstanding (Refer
- 6,370,000
note 28)
Pipal Research Analytics and Information Investment outstanding 111,292,051 111,292,051
Services India Private Limited
127
STANDALONE


Professional fees paid 128,258,522 -
Reimbursement of expenses 157,824 157,824
paid
Share of overhead expenses 29,241,079 -
received
Rent recovered 15,998,868 16,400,738
Amount receivable (payable) 6,799,102 1,351,403
(net)
CRISIL Irevna Information & Technology Investment outstanding 14,483,687 9,557,150
(Hangzhou) Co., Limited
Investment made during 4,926,537 -
the year
Amount payable (net) 13,462,657 6,402,534
Investment outstanding 87,133,877 87,133,877
Coalition Development Systems (India)
Investment made during - 87,133,877
Private Limited
the year
Mercator Info-Services India Private Limited Investment outstanding 37,108,494 37,108,494
Investment made during the - 37,108,494
year
Coalition Development Singapore Pte Professional services paid 657,702 -
Limited
Amount payable 648,082 -
Ravinder Singhania Professional fees paid - 275,750
Roopa Kudva* Remuneration paid 33,603,537 48,133,243
Options granted - 25,000
*Note: As the future liability for gratuity and leave encashment is provided on an actuarial basis for the Company as a whole,
the amount pertaining to directors is not included above.

28. The Company had 49% interest in India Index Services and Products Limited (a joint venture in India with National
Stock Exchange). As per the Accounting Standard relating to Financial Reporting of Interest in Joint Venture (AS 27)
notified by Companies Accounting Standards Rules, 2006 as amended, the details of interest in the Joint Venture are
as under :
Rupees
Unaudited
Particulars
Assets - 305,906,817
Reserves and Surplus - 285,143,376
Liabilities - 14,393,441
Income 105,718,364 134,190,152
Expenses 20,296,948 20,994,847
Tax expense 26,485,595 34,542,462
Contingent liability - 13,712,655
Note: During the year (as on August 27, 2013), CRISIL sold its entire equity stake in India Index Services & Products Limited
(IISL), a joint venture with National Stock Exchange of India Limited (NSE), for a total consideration of Rs. 100 crores. The
stake represented 49% of the equity share capital of IISL. The income, expense and tax expense above are for the period
January 01, 2013 to August 27, 2013.
29. OPERATING LEASE

The Company has taken certain office premises on non-cancelable operating lease basis. Some of these agreements
have a price escalation clause. Details as regards payments and future commitments are as under :
Rupees
Particulars
Lease Payment recognised in the Statement of Profit and Loss 351,762,155 375,865,672
Future Minimum Lease Payments
Not later than One Year 377,355,226 386,372,332
Later than One Year & not later than Five Years 1,398,087,621 1,458,405,847
Later than Five Years 146,106,169 449,711,865
TOTAL 1,921,549,016 2,294,490,044
129
STANDALONE

30. GRATUITY AND OTHER POST-EMPLOYMENT BENEFIT PLANS

In accordance with the Payment of Gratuity Act, 1972 CRISIL provides for gratuity, a defined benefit retirement plan
covering eligible employees of the Company. The Gratuity Plan provides a lump-sum payment to vested employees
at retirement, death, incapacitation or termination of employment, of an amount based on the respective employees
salary and tenure of employment with the Group.
The following tables summarise the components of net benefit expense recognised in the Statement of Profit and Loss
and the funded status and amounts recognised in the Balance Sheet for the respective plans.

Net employee benefit expense (recognised in Personnel expenses) Rupees
Particulars
Current Service cost 34,505,570 28,630,960
Interest cost on defined benefit obligation 12,996,350 9,679,000
Expected return on plan assets (7,410,950) (6,017,529)
Net actuarial (gain) / loss recognised in the year (14,283,830) 4,424,780
NET GRATUITY BENEFIT EXPENSE 25,807,140 36,717,211
Balance Sheet
Details of provision for gratuity benefit Rupees
Year Ended Year Ended Year Ended Year Ended Year Ended
Particulars December December December December December
31, 2013 31, 2012 31, 2011 31, 2010 31, 2009
Present value of funded obligations 162,622,860 150,986,640 118,386,100 108,091,000 53,926,870
Less: Fair value of plan assets (87,602,133) (78,806,061) (72,584,782) (51,130,570) (46,883,930)
NET LIABILITY 75,020,727 72,180,579 45,801,318 56,960,430 7,042,940
Changes in the present value of the defined benefit obligation are as follows: Rupees
31, 2013 31, 2012 31, 2011 31, 2010 31, 2009
Opening defined benefit obligation 150,986,640 118,386,100 108,091,000 53,926,870 41,632,929
Current service cost 34,505,570 28,630,960 26,330,470 14,275,170 12,961,541
Interest cost 12,996,350 9,679,000 8,494,560 4,093,320 2,806,950
Plan amendment cost - - (26,151,020) - -
Acquisition cost / (Credit) (271,450) - - - -
Actuarial (gain) / loss (13,242,500) 3,316,830 10,618,610 43,812,226 1,820,550
Benefits paid (22,351,750) (9,026,250) (8,997,520) (8,016,586) (5,295,100)
CLOSING DEFINED BENEFIT OBLIGATION 162,622,860 150,986,640 118,386,100 108,091,000 53,926,870

Changes in the fair value of plan assets are as follows: Rupees
31, 2013 31, 2012 31, 2011 31, 2010 31, 2009
Opening fair value of plan assets 78,806,061 72,584,782 51,130,570 46,883,930 22,892,753
Expected return on plan assets 7,410,950 6,017,529 5,183,522 3,434,500 2,574,720
Actuarial gain / (loss) 1,041,302 (1,107,950) 1,057,080 2,992,816 (1,457,120)
Contribution by employer 22,979,840 10,337,950 24,211,130 5,835,910 28,168,677
Asset acquired / Transferred (284,270) - - - -
Benefits paid (22,351,750) (9,026,250) (8,997,520) (8,016,586) (5,295,100)
CLOSING FAIR VALUE OF PLAN ASSETS 87,602,133 78,806,061 72,584,782 51,130,570 46,883,930
Details of experience adjustment on plan assets and liabilities are as follows: Rupees
31, 2013 31, 2012 31, 2011 31, 2010 31, 2009
Experience adjustment on plan assets 1,041,302 (1,107,950) 1,056,890 2,992,816 (1,457,120)
Experience adjustment on plan liabilities (1,566,020) (396,720) (15,410,000) (41,461,230) (2,662,050)
The major categories of plan assets as a percentage of the fair value of total plan assets are as follows:
Particulars
Investment with Insurer 100% 100%
Actual return on plan assets (Based on interest rate declared by the 9.30% 9.30%
insurer as at 31st March 2013 / 2012)
The overall expected rate of return on assets is determined based on the market prices prevailing on that date, applicable
to the period over which the obligation is to be settled.
The principal assumptions used in determining gratuity for the Companys plans is as below:
Particulars
Discount rate 9.40% 8.30%
Estimated rate of return on plan assets 8.50% 8.50%
Expected employee turnover
Age : 20-44 Years 6.50% 6.50%
Age : 45-58 Years 6.00% 6.00%
Expected employer's contribution next year (Rupees) 26,400,000 24,000,000
The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion
and other relevant factors, such as supply and demand in the employment market.
131
STANDALONE

31. DETAILS OF UNHEDGED FOREIGN EXPOSURE Rupees

Particulars
Assets 4,095,247,775 3,250,851,327
Liabilities 70,496,822 111,197,936
32. The Company has a revenue hedge programme in place to mitigate foreign exchange (forex) related risk. Accounting
for revenue hedge is done as per principles of AS 30 Financial Instruments: Recognition and Measurement wherein
mark to market on forward contracts entered to hedge highly probable future transactions are routed through hedge
reserve account. Details of currency hedge and forward contract value are as under :
Particulars Year Ended December 31, 2013 Year Ended December 31, 2012
Hedged Currency Amount Amount in INR Amount Amount in INR
USD 31,891,000 2,015,710,355 30,274,000 1,712,661,900
GBP 10,447,000 1,041,206,340 9,378,000 844,571,350
EUR 4,399,000 370,752,170 4,014,000 294,068,775
33. EMPLOYEE STOCK OPTION SCHEME ("ESOS")

The Company has formulated an ESOS based on which employees are granted options to acquire the equity shares of
the Company that vests in a graded manner. The options are granted at the closing market price prevailing on the stock
exchange, immediately prior to the date of grant . Details of the ESOS scheme are as under :
Details ESOP 2012 (1) ESOP 2012 (2) ESOP 2011 (1) ESOP 2011 (2)
Date of grant 16-Apr-12 16-Apr-12 14-Feb-11 14-Feb-11

No. of options granted 903,150 5,125 1,161,000 23,750
Exercise price (Rupees) 1,060.00 1,060.00 579.88 579.88
Graded vesting period :
1st Year 180,630 5,125 232,200 23,750
2nd Year 361,260 - 464,400 -
3rd Year 361,260 - 464,400 -
Weighted average price of options as per Black- 320.59 230.97 185.21 149.41
Scholes Option Pricing model at the grant date
(Rupees)

A summary of status of Company's Employee Stock Option Scheme is as given below:
As as As at
Nos. Nos.
Outstanding at the beginning of the year 1,822,200 1,160,000
Add: granted during the year - 908,275
Less: Forfeited / lapsed during the year 175,665 68,475
Exercised during the year 416,850 177,300
Exercised during the year but not allotted - 300
The Company uses intrinsic value method to record compensation cost arising on account of grant made under ESOS.
The Company has not recorded any compensation cost as the grant has been given at 100% of the closing market price
immediately prior to the date of grant on the stock exchange which recorded highest trading volume.
Had the Company recorded the compensation cost on the basis of Fair Valuation method instead of intrinsic value method,
employee compensation cost would have been higher by Rs. 162,773,724 (P.Y. Rs. 66,032,202) and EPS would have been
as under :
Earnings per share : Nominal value of Re. 1 per share :
Key assumptions :
Expected volatility 30.44% 34.77%
Time to maturity 3.69 Years 3.68 Years
Expected dividend 2.23% 2.37%
Risk free rate of interest 8.40% 8.03%
34. In all cash transaction, CRISIL Limited and its subsidiary acquired 100% stake in Coalition Development Ltd. along with
its subsidiaries on 4th July, 2012.
133
STANDALONE

35. In the corresponding previous year, there was a one time impact of Rs. 73,079,000 in rating revenue pretaining to
previous year on account of certain price renegotiations with retrospective effect.
36. PREVIOUS YEAR COMPARATIVES

Previous years figures have been regrouped where necessary to conform to current years classification.
Company Secretary
Place: Mumbai

STATEMENT PURSUANT TO SECTION 212 OF THE COMPANIES ACT ,1956 RELATING TO SUBSIDIARY COMPANY
1 Name of the subsidiary company CRISIL Risk and CRISIL Irevna CRISIL Irevna Poland CRISIL Irevna UK CRISIL Irevna US LLC
Infrastructure Argentina S.A. SP.Zo.o. Limited
Solutions Limited
2 The financial period of the subsidiary December 31, 2013 December 31, 2013 December 31, 2013 December 31, 2013 December 31, 2013
Company ended on
3 (a) Number of shares in the subsidiary 49,999,900 Equity 741,072 Equity 100 Equity Shares of 5,514,100 Equity 1 Equity Share of
held by CRISIL Limited at the above Shares of Re.1 each, Shares of ARS 1 each, PLN 500 each, fully Shares of of 1 each, US$ 200 each, fully
date fully paid up fully paid up paid up fully paid up paid up
(b) Extent of interest of CRISIL in the 100% 100% 100% 100% 100%
capital of the subsidiary
4 Net aggregate amount of the profits/
(losses) of the subsidiary so far it
concerns the members of CRISIL as is not
dealt with the Company's Accounts :
(a) Profits / (losses) for the period ended 54,263,876 23,323,742 (1,335,761) 33,413,328 13,631,916
December 31,2013 of the subsidiary
(Rupees)
(b) Profits / (losses) for the previous 68,404,009 15,615,121 6,996,910 364,773,348 23,626,967
financial year of the subsidiary, since
it became the subsidiary of CRISIL
Limited (Rupees)
5 Net aggregate amount of the Profits /

(Losses) of the subsidiary so far as dealt
with or provision is made for those losses
in CRISIL Limited accounts
(a) For the subsidiary's Financial period - - - - -
ended December 31, 2013 (Rupees)
(b) For the previous year since it became a - - - - -
subsidiary of CRISIL Limited (Rupees)
135
136
STATEMENT PURSUANT TO SECTION 212 OF THE COMPANIES ACT, 1956 RELATING TO SUBSIDIARY COMPANY
1 Name of the subsidiary company Pipal Research CRISIL Irevna Coalition Coalition Mercator Info- Coalition
Analytics and Information & Development Development Services India Development
Information Technology Limited, UK Systems (India) Private Limited Singapore Pte
CRISIL Limited
Services (I) Pvt. Ltd. (Hangzhou) Co., Ltd. Private Limited Limited
CORPORATE OVERVIEW
2 The financial period of the subsidiary December 31, December 31, December 31, December 31, December 31, December 31,
Company ended on 2013 2013 2013 2013 2013 2013
3 (a) Number of shares in the subsidiary held 10,000 Equity 100% Investment in 174,691 Equity 50,000 Equity 100,000 Equity 1 Equity Shares of
by CRISIL Limited at the above date Shares of Rs. 10 the capital Shares of 1 each, Shares of Rs. 10 Shares of Rs. 10 SGD 1 each, fully
each, fully paid up. fully paid up each, fully paid up each, fully paid up paid up
(b) Extent of interest of CRISIL in the capital 100% 100% 100% 100% 100% 100%
of the subsidiary
Annual Report 2013

4 Net aggregate amount of the profits/ (losses)
of the subsidiary so far it concerns the
members of CRISIL as is not dealt with the
Company's Accounts :
2013 - A GLANCE
(a) Profits / (losses) for the period ended 29,860,906 7,436,296 342,833,285 11,880,574 17,833,424 12,866,902
December 31,2013 of the subsidiary
(Rupees)
(b) Profits / (losses) for the previous financial 28,770,372 3,030,307 143,824,004 4,798,208 3,116,068 5,277,422
year of the subsidiary, since it became the
5 Net aggregate amount of the Profits /(Losses)

of the subsidiary so far as dealt with or
provision is made for those losses in CRISIL
Limited accounts
STATUTORY REPORTS
(a) For the subsidiary's Financial period - - - - - -

ended December 31, 2013 (Rupees)
(b) For the previous year since it became a - - - - - -
For and on behalf of the Board of Directors of CRISIL Limited
Roopa Kudva M. Damodaran H.N. Sinor

Managing Director & Director Director
Nachiket Mor Yann Le Pallec
Director Director
STANDALONE
FINANCIAL STATEMENTS
Company Secretary
Place: Mumbai
INDEPENDENT AUDITORS REPORT
To the Board of Directors of CRISIL Limited (c) in the case of the consolidated Cash Flow Statement, of the
We have audited the accompanying consolidated financial cash flows for the year ended on that date.
statements of CRISIL Limited (the Company) and its subsidiaries Other Matters
and joint venture (collectively referred as the Group), which 1. We did not audit the financial statements of CRISIL Irevna
comprise the consolidated Balance Sheet as at December 31, Limited, UK; CRISIL Irevna LLC, US; CRISIL Irevna Poland
2013, and the consolidated Statement of Profit and Loss and Sp.zo.o; CRISIL Irevna Argentina S.A.; CRISIL Irevna
the consolidated Cash Flow Statement for the year then ended, Information & Technology (Hangzhou) Co. Limited, China;
and a summary of significant accounting policies and other Coalition Development Limited, UK and Coalition Development
explanatory information. Singapore Pte Limited. The financial statements of these
Managements Responsibility for the Consolidated Financial subsidiaries have been prepared under the generally
Statements accepted accounting principles (GAAP) accepted in those
respective countries and have been audited by other
Management is responsible for the preparation of these auditors who have submitted their audit opinions, based on
consolidated financial statements that give a true and fair view generally accepted auditing standards of their respective
of the consolidated financial position, consolidated financial countries, to the shareholders of the respective companies,
performance and consolidated cash flows of the Group in copies of which have been provided to us. The management
accordance with accounting principles generally accepted in of the Company has recorded adjustments to convert these
India. This responsibility includes the design, implementation and audited financial statements of the Companys subsidiaries
maintenance of internal control relevant to the preparation and to accounting principles generally accepted in India, for
presentation of the consolidated financial statements that give the purpose of preparation of the consolidated financial
a true and fair view and are free from material misstatement, statements. The financial statements of these subsidiaries
whether due to fraud or error. in the aggregate reflect, total assets, revenues, and net cash
Auditors Responsibility flows of Rs. 251.17 crores, Rs. 480.45 crores and Rs. 28.86
crores respectively. Our opinion thus, in so far it relates to
Our responsibility is to express an opinion on these consolidated
amounts included in respect of these subsidiaries, is based
financial statements based on our audit. We conducted our audit
on the reports of the other auditors under the accounting
in accordance with the Standards on Auditing issued by the
policies generally accepted in those respective countries. Our
Institute of Chartered Accountants of India. Those Standards
opinion is not qualified in respect of this matter.
require that we comply with ethical requirements and plan
and perform the audit to obtain reasonable assurance about 2. We did not audit the financial statements of two Indian
whether the consolidated financial statements are free from subsidiaries, whose financial statements prepared under
material misstatement. the generally accepted accounting principles accepted
in India, reflect in relation to the amounts considered in
An audit involves performing procedures to obtain audit evidence
the consolidated financial statements; total assets of
about the amounts and disclosures in the consolidated financial
Rs. 12.23 crores as at December 31, 2013, total revenue of
statements. The procedures selected depend on the auditors
Rs. 0.38 crores, and total cash outflows amounting to Rs. 0.80
judgement, including the assessment of the risks of material
crores for the year then ended. These financial statements
misstatement of the consolidated financial statements, whether
and other financial information have been audited by other
due to fraud or error. In making those risk assessments, the auditor
auditors whose reports have been furnished to us, and our
considers internal control relevant to the Groups preparation
opinion, in so far as it relates to the affairs of such subsidiaries
and presentation of the consolidated financial statements that
is based solely on the report of other auditors. Our opinion is
give a true and fair view in order to design audit procedures
not qualified in respect of this matter.
that are appropriate in the circumstances. An audit also includes
evaluating the appropriateness of accounting policies used 3. We did not audit the financial information of one joint venture,
and the reasonableness of the accounting estimates made by prepared under the generally accepted accounting principles
management, as well as evaluating the overall presentation in India, whose financial information reflects the Groups share
of the consolidated financial statements. We believe that the of revenue of Rs. 10.57 crores for the period from April 1, 2013
audit evidence we have obtained is sufficient and appropriate to August 27, 2013, as accounted in the consolidated financial
to provide a basis for our audit opinion. statements of the Group, on the basis of unaudited financial
information as certified and furnished to us by the management
Opinion
and our opinion is based solely on this management certified
In our opinion,based on our audit and on consideration of reports of financial information. Our opinion is not qualified in respect of
other auditors on separate financial statements and other financial this matter.
information of the components and the consideration of the
unaudited financial statements,and to the best of our information For S.R. Batliboi & Co. LLP
and according to the explanations given to us, the consolidated Chartered Accountants
financial statements give a true and fair view in conformity with ICAI Firm Registration Number: 301003E
the accounting principles generally accepted in India:
per Jayesh Gandhi
(a) in the case of the consolidated Balance Sheet, of the state Partner
of affairs of the Group as at December 31, 2013; Membership Number: 037924
(b) in the case of the consolidated Statement of Profit and Place: Mumbai
Loss, of the profit for the year ended on that date; and Date: February 14, 2014
137
CONSOLIDATED
Balance Sheet
as at December 31, 2013 Rupees
As at As at
Particulars Notes December 31, 2013 December 31, 2012
Audited Audited
EQUITY AND LIABILITIES

Shareholders' funds
Share capital 3 70,652,890 70,235,740
Reserve and surplus 4 6,674,326,113 5,219,504,168
Non-current Liabilities
Trade payables 5 157,266,408 165,137,221
Other liabilities 6 23,017,919 14,448,913
Current Liabilities
Trade payables 5 1,122,197,153 1,135,260,424
Other liabilities 6 2,037,838,771 2,502,971,771
Provisions 7 1,380,791,095 722,896,501
TOTAL 11,466,090,349 9,830,454,738
ASSETS
Non-current assets
Fixed assets
Tangible assets 8 1,022,309,006 1,142,451,678
Intangible assets 8 3,470,215,445 3,525,391,109
Investments 9 56,252,031 66,354,755
Deferred tax assets (Net) 10 228,603,664 174,841,085
Other assets 14 89,938,786 47,432,722
Current Assets
Investments 9 2,387,199,083 1,084,312,575
Trade receivables 11 1,194,891,060 1,172,323,353
Cash and bank balances 12 1,899,492,870 1,527,967,773
Other assets 14 425,742,149 386,107,630
TOTAL 11,466,090,349 9,830,454,738

Company Secretary
Place: Mumbai

Particulars Notes
INCOME
Income from operations 15 11,106,421,999 9,777,175,363
Other income 16 366,421,869 203,795,750
TOTAL 11,472,843,868 9,980,971,113
EXPENSES
Personnel expenses 17 5,154,779,202 4,390,067,363
Establishment expenses 18 861,362,335 824,718,757
Other expenses 19 1,484,689,251 1,286,084,668
Depreciation / Amortisation 8 379,228,672 343,218,323
TOTAL 7,880,059,460 6,844,089,111
Profit before exceptional item 3,592,784,408 3,136,882,002
Exceptional items 23 658,860,566 -
Tax expense
Current tax 1,316,034,176 918,091,192
Deferred tax charge / (Benefit) (42,764,418) 14,828,248
TOTAL TAX EXPENSE 1,273,269,758 932,919,440
Profit after tax 2,978,375,216 2,203,962,562
Earnings per share : Nominal value of Re. 1 per share :
Basic 42.27 31.42
Diluted (On account of ESOS, refer note 28) 42.15 31.25
Number of Shares used in computing earnings per share
Basic 70,456,790 70,150,532
Diluted (On account of ESOS, refer note 28) 70,668,105 70,531,039

Company Secretary
Place: Mumbai
139
CONSOLIDATED
Cash Flow Statement

Particulars
A. CASH FLOW FROM OPERATING ACTIVITIES

Adjustments for :
Depreciation 379,228,672 343,218,323
Currency fluctuation reserve (299,817,012) (46,134,122)
Foreign currency translation reserve 163,704,389 (31,630,476)
Unrealised foreign exchange gain 3,191,994 5,027,333
(Profit)/Loss on sale of fixed assets (9,205,771) (9,679,073)
(Profit)/Loss on sale of investments / Exceptional item (Refer note 23) (711,187,866) (14,079,037)
Provision for bad debts 121,740,318 118,634,312
Interest on deposits (36,388,909) (77,035,438)
Dividend income from other investments (70,166,182) (27,166,807)
Operating profit before working capital changes 3,792,744,607 3,398,037,017
Movements in working capital
- (Increase)/decrease in trade receivables (147,783,953) (273,626,010)
- (Increase)/decrease in sundry deposits 12,317,194 (12,199,056)
- (Increase)/decrease in loans (14,793,831) (9,763,229)
- (Increase)/decrease in grant 61,476,222 (5,658,431)
- (Increase)/decrease in advances (14,511,422) (55,006,910)
- (Increase)/decrease in accrued revenue (124,142,030) 19,687,919
- Increase/(decrease) in trade payables 26,075,491 70,351,090
- Increase/(decrease) in unearned revnue and fees received in advance 49,788,916 (112,459,784)
- Increase/(decrease) in provision for leave benefits 37,401,144 62,493,208
- Increase/(decrease) in provision for gratuity 2,602,465 25,790,762
- Increase/(decrease) in statutory liabilities 44,208,897 22,244,237
Cash generated from operations 3,725,383,700 3,129,890,813
- Taxes paid (1,187,151,453) (897,313,637)
NET CASH GENERATED FROM OPERATING ACTIVITIES - (A) 2,538,232,247 2,232,577,176
B. CASH FLOW FROM INVESTING ACTIVITIES

Purchase of fixed assets (177,560,091) (429,901,106)
Proceeds from sale of fixed assets 20,392,922 32,767,763
Investments in mutual funds (2,387,199,083) (2,362,118,800)
Sale proceeds from investments in mutual funds 887,440,039 1,370,000,000
Sale proceeds from divestiture in India Index Services and Products 1,000,000,000 -
Limited (Refer note 23)
Investment in Credit Analysis and Research Limited (812) -
Payment made for acquisition of Coalition group (Refer note 29) (672,000,000) (1,419,585,837)

Rupees
Particulars
Investment in fixed deposits (326,618,606) (60,636,807)
Proceeds from fixed deposit maturity 63,800,359 1,522,893,242
Interest on deposits 32,485,713 137,655,334
Dividend income from other investments 70,166,182 27,166,807
NET CASH GENERATED FROM/(USED IN) INVESTING ACTIVITIES - (B) (1,489,093,377) (1,181,759,404)
C. CASH FLOW FROM FINANCING ACTIVITIES

Proceeds from issuance of share capital on exercise of stock options 249,132,360 102,812,724
Dividend and dividend tax paid (1,072,564,628) (1,203,446,989)
Payment towards buy back of shares - (6,795,885)
NET CASH GENERATED FROM/(USED IN) FINANCING ACTIVITIES - (C) (823,432,268) (1,107,430,150)
D. EFFECT OF EXCHANGE DIFFERENCE ON TRANSLATION OF 1,364,213 1,630,643

FOREIGN CURRENCY CASH AND CASH EQUIVALENTS - (D)
Net Increase/(decrease) in cash and cash equivalents (A+B+C+D) 227,070,815 (54,981,735)
Add / (Less) : Adjustment towards acquisition / (diversture) (82,846,420) 498,116,517
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS AFTER 144,224,395 443,134,782
ACQUISITION/DIVESTURE ADJUSTMENT
Cash and cash equivalents - Opening balance 1,380,965,529 937,830,747
Cash and cash equivalents - Closing balance 1,525,189,924 1,380,965,529
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 144,224,395 443,134,782
Components of cash and cash equivalents as at

Cash on hand 191,501 220,008
With banks on current account 1,514,658,144 1,370,744,216
Unpaid dividend account (Earmarked for unpaid dividend) 10,340,279 10,001,305
1,525,189,924 1,380,965,529

Company Secretary
Place: Mumbai
141
CONSOLIDATED

1 NATURE OF OPERATIONS 2 SUMMARY OF SIGNIFICANT ACCOUNTING

CRISIL is a globally-diversified analytical Company POLICIES
providing ratings, research, and risk and policy advisory Principal of consolidation
services. CRISIL is Indias leading ratings agency and 2.1 The consolidated financial statements include the
the foremost provider of high-end research to the financial statements of CRISIL Limited consolidated
worlds largest banks and leading corporations. With with the financial statements of its wholly owned
sustainable competitive advantage arising from strong subsidiaries and joint venture (Group).
brand, unmatched credibility, market leadership across
businesses, and large customer base, CRISIL delivers 2.2 The financial statements of the Group and its
analysis, opinions, and solutions that make markets subsidiaries have been combined on a line by line
function better. basis by adding together the book values of like
items of assets, liabilities, income and expenses,
1.1 Basis of preparation
after duly eliminating intra group balances and
The Consolidated Financial Statements (CFS) intra group transactions and resulting gains/losses
are prepared in accordance with Accounting as per Accounting Standard 21 - Consolidated
Standard (AS) 21 Consolidated Financial Financial Statements notified by Companies
Statements and AS- 27 Financial Reporting Accounting Standards Rules, 2006 as amended
of Interests in Joint Ventures issued by the and the relevant provisions of the Companies Act,
Institute of Chartered Accountants of India (ICAI). 1956 (the Act) read with General Circular 15/2013
The financial statements have been prepared to dated 13 September 2013, issued by the Ministry of
comply in all material respects with the Notified Corporate Affairs, in respect of Section 133 of the
accounting standard by Companies Accounting Companies Act, 2013. The accounting policies have
Standards Rules, 2006 as amended and the relevant been consistently applied by the Company and are
provisions of the Companies Act, 1956 (the Act) read consistent with those used in the previous year.
with General Circular 15/2013 dated 13 September
2013, issued by the Ministry of Corporate Affairs, in 2.3 The consolidated financial statements are prepared
respect of Section 133 of the Companies Act, 2013. by applying uniform accounting policies in use at
The financial statements have been prepared under the group, except as disclosed.
the historical cost convention on an accrual basis.
2.4 Interests in joint venture have been accounted by
The accounting policies have been consistently
using the proportionate consolidation method as
applied by the Company and are consistent with
per Accounting Standard 27 - Financial Reporting
those used in the previous year.
of Interests in Joint Ventures notified by Companies
Accounting Standards Rules, 2006 as amended.
2.5 The excess of Groups purchase consideration over

the net assets as at the date of investment, has
been recognised as Goodwill on consolidation.
2.6 The list of subsidiary companies and joint venture

and the Holding Company viz. CRISILs holding
directly or through Subsidiaries therein are as under:

Ownership in % either directly
Name of the company Country of Incorporation or through Subsidiaries
CRISIL Risk and Infrastructure Solutions Limited India 100% 100%
CRISIL Irevna UK Limited United Kingdom 100% 100%
CRISIL Irevna USA LLC United States 100% 100%
India Index Services and Products Limited India -* 49%
(Joint Venture)**
CRISIL Irevna Argentina S.A. Argentina 100% 100%
CRISIL Irevna Poland Sp.zo.o. Poland 100% 100%
Pipal Research Analytics and Information
India 100% 100%
Services India Private Limited
Coalition Development Limited, UK United Kingdom 100% 100%
Coalition Development Systems (India) Private India 100% 100%
Limited**
Mercator Info-Services India Private Limited** India 100% 100%
Coalition Development Singapore Pte Limited Singapore 100% 100%
CRISIL Irevna Information Technology China 100% 100%
(Hangzhou) Co., Limited
* During the year, CRISIL sold its entire equity stake in India Index Services & Products Limited, a joint venture with National
Stock Exchange of India Limited (NSE).
** All the above entities have uniform year end except Coalition Development Systems (India) Private Limited, Mercator Info-
Services India Private Limited & India Index Services and Products Limited ( Joint Venture ) which have period from April to
March.
2.7 Use of estimates attributable cost of bringing the asset to its

The preparation of financial statements in working condition for its intended use. Items
conformity with generally accepted accounting of fixed asset held for disposal are stated at
principles requires management to make estimates lower of the net book value and net realisable
and assumptions that affect the reported amounts value and are shown under other current assets.
of assets and liabilities and disclosure of contingent Software purchased is charged to the Statement of
liabilities at the date of the financial statements Profit and Loss as and when incurred.
and the results of operations during the reporting
2.9 Depreciation
year end. Although these estimates are based upon
Depreciation is provided using the Straight Line
managements best knowledge of current events
Method (except in case of India Index Services
and actions, actual results could differ from these
and Prouduct Limited, Mercator Info-Services India
estimates.
Private Limited and Coalition Development Systems
2.8 Fixed assets (India) Private Limited where Written Down Value
Fixed assets are stated at cost, less accumulated Method is used) as per the useful lives of the assets
depreciation and impairment losses if any. estimated by the management, details of which are
Cost comprises the purchase price and any as under :
143
CONSOLIDATED

Estimated 2.13 Investments

Assets
Useful Life Investments that are readily realisable and intended
Buildings 20 Years to be held for not more than a year are classified
Furniture and fixtures 4 to 16 Years as current investments. All other investments
Office equipments 3 to 21 Years are classified as long-term investments. Current
Computers 3 to 5 Years investments are carried at lower of cost and fair
Vehicles 3 Years value determined on an individual investment
basis. Long-term investments are carried at cost.
Leasehold Improvements are amortised over the lease However, provision for diminution in value is made
term or useful life of the asset, whichever is less. to recognise a decline other than temporary in the
2.10 Impairment value of the investments.
The carrying amounts of assets are reviewed at 2.14 Revenue recognition

each balance sheet date if there is any indication
Revenue is recognised to the extent that it is
of impairment based on internal/external factors. An
probable that the economic benefits will flow to the
impairment loss is recognised wherever the carrying
Group and the revenue can be reliably measured.
amount of an asset exceeds its recoverable amount.
The recoverable amount is the greater of the assets Income from operations
net selling price and value in use. Income from Operations comprises of income
from initial rating and surveillance services, global
After impairment, depreciation is provided on
research and analytical services, customised
the revised carrying amount of the asset over its
research, special assignments and subscriptions to
remaining useful life.
information products and services, revenue from
2.11 Intangibles initial public offering (IPO) grading services and
Goodwill (acquired) is amortised on a systematic independent equity research (IER) services. Initial
basis over the best estimate of its useful life. rating fees are deemed to accrue at 96% on the
Details of estimated useful life of intangible assets date the rating is awarded and the balance 4% is
are as under : recorded equally over 11 months subsequent to the
month in which the rating was awarded. Revenue
Estimated on service contracts are recognised on completion
Assets
Useful Life of related services. Surveillance fee, subscription
Goodwill 10 Years to information products and services and revenue
Customer relationship 3 to 7 Years from IER are accounted on a time proportion
Brand 7 Years basis. Revenue from customised research and
Non compete 3 Years IPO grading are recognised in the period in which
such assignments are carried out or milestones
2.12 Operating leases achieved. Revenue from infrastructure advisory
Leases where the lessor effectively retains services are recognised as income in the year in
substantially all the risks and benefits of ownership which such assessments/assignments are carried
of the leased item, are classified as operating out or milestones achieved. Revenue from risk
leases. Operating lease payments are recognised as management services comprises of revenue from
an expense in the Statement of Profit and Loss on a sale of software and annual maintenance of
straight-line basis over the lease term. software. Fees with respect to certain categories of
clients are recognised only when there is reasonable
certainty of collection.

Grants and subsidies are recognised at fair value In respect of foreign subsidiaries retirement benefits
where there is reasonable assurance that the grant/ are governed and accrued as per local statutes.
subsidy will be received and all attaching conditions
2.16 Foreign currency transactions
will be complied with. When the grant or subsidy
relates to an expense item, it is recognised as as Initial recognition
a credit against such expense for which grant Foreign currency transactions are recorded in
is received over the periods in which costs are reporting currency (INR) by applying to the foreign
recognised . currency amount to the monthly average exchange
rates for the respective periods in which the
Interest income
transaction takes place
Revenue is recognised on a time proportion basis
taking into account the amount outstanding and the Conversion
rate applicable. Foreign currency monetary items are reported using
the closing rates. Non monetary items which are
Dividend income
carried in terms of historical costs denominated in
Revenue is recognised when the shareholders right a foreign currency are reported using the exchange
to receive payment is established by the balance rate at the date of transaction.
sheet date.
Exchange difference
Profit/(loss) on sale of investment
Exchange differences relating to long term monetary
Profit/(loss) on sale of investment is accounted items, arising during the year, such differences are
when the sale/transfer deed is executed. On disposal accumulated in the Foreign Currency Monetary Item
of such investments, the difference between the Translation Account and amortised to the profit and
carrying amount and the disposal proceeds, net of loss account over the balance life of the long term
expenses, is recognised in the Statement of Profit monetary item. All other exchange differences are
and Loss. recognised as income or expense in the Statement
of Profit and Loss.
2.15 Retirement and other employee benefits
Retirement benefits in the form of Provident Fund is Non-monetary items carried in terms of historical
a defined contribution scheme and the contributions cost denominated in a foreign currency are
are charged to the Statement of Profit and Loss of reported using the exchange rate at the date of
the year when the contributions to the respective the transaction; and non-monetary items which
funds are due. There are no other obligations other are carried at fair value or other similar valuation
than the contribution payable to the respective denominated in a foreign currency are reported
authorities. using the exchange rate that existed, when the
values were determined. Exchange differences
Gratuity liability is provided for on the basis of an arising as a result of the above are recognised as
actuarial valuation on projected unit credit method income or expense in the Statement of Profit and
made at the end of each financial year. Loss
Short term compensated absences are provided Forward contract
for based on estimates. Long term compensated
Forward contracts are entered into, to hedge the
absences are provided for based on actuarial
foreign currency risk of the underlying outstanding
valuation. The actuarial valuation is done as per
at the balance sheet date and also to hedge the
projected unit credit method.
foreign currency risk of firm commitment or highly
Actuarial gains/losses are immediately taken to the probable forecast transactions. The premium or
Statement of Profit and Loss and are not deferred. discount on forward contracts that are entered into,
145
CONSOLIDATED

to hedge the foreign currency risk of the underlying Foreign Currency Translation on long term
outstanding at the balance sheet date arising at the monetary items
inception of each contract, is amortised as income In line with notification of the Companies
or expense over the life of the contract. Any profit (Accounting Standards) Amendment Rules, 2011
or loss arising on the cancellation or renewal of issued by Ministry of Corporate Affairs on December
forward contracts is recognised as income or as 29, 2011 amending Accounting Standard - 11 (AS
expense for the year. - 11) The Effects of Changes in Foreign Exchange
Rates (revised 2003), the Company has chosen
In relation to the forward contracts entered
to exercise the option under para 46A inserted
into, to hedge the foreign currency risk of the
in the standard by the notification. Accordingly,
underlying outstanding at the balance sheet
exchange differences on all long term monetary
date, the exchange difference is calculated as the
items, with prospective effect from April 01, 2011,
difference between the foreign currency amount
has been accumulated in the Foreign Currency
of the contract translated at the exchange rate at
Monetary Translation Account and amortised to the
the reporting date or the settlement date where
Statement of Profit and Loss over the balance life of
the transaction is settled during the reporting year,
the long term monetary item.
and the corresponding foreign currency amount
translated at the later of the date of inception of the 2.17 Translation of integral and non integral foreign
forward exchange contract and the last reporting operation
date. Such exchange differences are recognised in
The financial statements of an integral foreign
the Statement of Profit and Loss in the reporting
operation are translated as if the transactions of
year in which the exchange rates change.
the foreign operation have been those of the
The Group has adopted the principles of Company itself.
AS 30 Financial Instruments: Recognition and
In translating the financial statements of a non-
Measurement in respect of its derivative financial
integral foreign operation for incorporation in
instruments that are not covered by AS 11
financial statements, the assets and liabilities, both
Accounting for the Effects of Changes in
monetary and non-monetary, of the non-integral
Foreign Exchange Rates and that relate to a
foreign operation are translated at the closing rate;
firm commitment or a highly probable forecast
income and expense items of the non integral foreign
transaction. In accordance with AS 30, such
operation are translated at average exchange rates
derivative financial instruments, which qualify for
and resulting exchange differences are accumulated
cash flow hedge accounting and where the Company
in a currency fluctuation translation reserve until
has met all the conditions of AS 30, are fair valued
the disposal of the net investment. On disposal of
at the balance sheet date and the resultant gain /
the net investment, this amount is transferred to
loss is credited / debited to the Hedging Reserve
the Statement of Profit and Loss.
Account included in the Reserves and Surplus. This
gain / loss would be recorded in the Statement of 2.18 Taxes on income
Profit and Loss when the underlying transactions Tax expense comprises of current and deferred
affect earnings. Other derivative instruments that tax. Current income tax is measured at the amount
relate to a firm commitment or a highly probable expected to be paid to the tax authorities Deferred
forecast transaction and that do not qualify for income taxes reflects the impact of current year
hedge accounting, have been recorded at fair value timing differences between taxable income and
at the reporting date and the resultant gain/loss has accounting income for the year and reversal of
been credited/debited to the Statement of Profit timing differences of earlier years. With respect to
and Loss for the year. foreign subsidiaries tax expense is recorded and
recongnised as per local statute.

Deferred tax is measured based on the tax rates and Identification of segments
the tax laws enacted or substantively enacted at the The Groups operating businesses are organised
balance sheet date. Deferred tax assets and deferred and managed separately according to the nature of
tax liabilities are offset, if a legally enforceable right products and services provided, with each segment
exists to set off current tax assets against current representing a strategic business unit that offers
tax liabilities and the deferred tax assets and different products and serves different markets.
deferred tax liabilities relate to the taxes on income The analysis of geographical segments is based on
levied by same governing taxation laws. Deferred the geographical locations of customers.
tax assets are recognised only to the extent that
there is reasonable certainty that sufficient future Inter segment transfers
taxable income will be available against which such The Group generally accounts for intersegment
deferred tax assets can be realised. In situations services and transfers as if the services or transfers
where the Company has unabsorbed depreciation were to third parties at current market prices.
or carry forward tax losses, all deferred tax assets
are recognised only if there is virtual certainty Allocation of common costs
supported by convincing evidence that they can be Common allocable costs are allocated to each
realised against future taxable profits. segment according to the relative contribution of
each segment to the total common costs.
At each balance sheet date, the Company
re-assesses unrecognised deferred tax assets. It Unallocated items
recognises unrecognised deferred tax assets to Unllocable income and expenses includes general
the extent that it has become reasonably certain corporate income and expense items which are not
that sufficient future taxable income will be allocated to any business segment.
available against which such deferred tax assets
can be realised. 2.20 Earnings per share
Basic earnings per share are calculated by dividing
The carrying amount of Deferred tax assets are
the net profit or loss for the period attributable
reviewed at each Balance Sheet date. The Company
to equity shareholders by the weighted average
writes down the carrying amount of a Deferred
number of equity shares outstanding during the
tax asset to the extent it is no longer reasonably
year.
or virtually certain, as the case may be, that
sufficient future taxable income will be available For the purpose of calculating diluted earnings per
against which Deferred tax asset can be realised. share, the net profit or loss for the period attributable
Any such write down is reversed to the extent that to equity shareholders and the weighted average
it becomes reasonably or virtually certain, as the number of shares outstanding during the period
case may be, that sufficient future taxable income are adjusted for the effects of all dilutive potential
will be available. equity shares.
2.19 Segment reporting policies 2.21 Provisions

Segment policies A provision is recognised when an enterprise has
The Group prepares its segment information in a present obligation as a result of past event; it
conformity with the accounting policies adopted for is probable that an outflow of resources will be
preparing and presenting the financial statements required to settle the obligation, in respect of which
of the Group as a whole. a reliable estimate can be made. Provisions are not
discounted to its present value and are determined
147
CONSOLIDATED

based on best estimate required to settle the 2.23 Employee stock compensation cost
obligation at the balance sheet date. These are Measurement and disclosure of the employee
reviewed at each balance sheet date and adjusted share-based payment plans is done in accordance
to reflect the current best estimates. with SEBI (Employee Stock Option Scheme and
Employee Stock Purchase Scheme) Guidelines,
2.22 Cash and cash equivalents
1999 and the Guidance Note on Accounting for
Cash and cash equivalents in the balance sheet
Employee Share-based Payments, issued by the
comprise cash at bank and in hand and short-term
Institute of Chartered Accountants of India. The
investments with an original maturity of three
Company measures compensation cost relating to
months or less.
employee stock options using the intrinsic value
method. Compensation expense is amortised over
the vesting period of the option on a straight
line basis wherever grant price is lower then the
market price.
3. SHARE CAPITAL Rupees

As at As at
Authorised capital
100,000,000 Equity shares of Re. 1 each (P.Y. 100,000,000 of Re. 1 each) 100,000,000 100,000,000
Issued, Subscribed and Paid Up
70,652,890 Equity shares of Re. 1 each fully paid up (P.Y. 70,235,740 of 70,652,890 70,235,740
Re.1 each)
TOTAL 70,652,890 70,235,740
(a) Reconciliation of shares outstanding at the beginning and at the end of the year
Particulars
Rupees Nos.
Equity shares
At the beginning of the year (face value of Re. 1 per share) 70,235,740 70,235,740
Add - Issued during the year- Under employee stock option scheme (ESOS) 417,150 417,150
(Refer note 28)

Particulars
Rupees Nos.
Equity shares
At the beginning of the year (face value of Re. 1 per share) 70,058,440 70,058,440
Add - Issued during the year- Under employee stock option scheme (ESOS) 177,300 177,300
(Refer note 28)

(b) Terms rights attached to equity shares
The company has only one class of equity shares having par value of Re. 1 per share. Each holder of equity shares is
entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by
the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of
the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity
shares held by the shareholders.
(c) Shares held by holding / ultimate holding and / or their subsidiaries

Out of equity shares issued by the company, shares held by its holding company, ultimate holding company and their
subsidiaries / associates are as below:
Rupees
As at As at
Particulars
Group Holding of the McGraw Hill Financial, Inc.
31,209,480 equity shares of Re. 1 each fully paid held by S&P India, LLC, 31,209,480 31,209,480
Fellow Subsidiary (P.Y. 31,209,480 of Re. 1 each)
10,612,709 * equity shares of Re. 1 each fully paid held by McGraw-Hill 10,612,709 -
Asian Holdings (Singapore) Pte. Ltd. (P.Y. Nil)
* 10,350 Equity Shares pending registration for transfer as on 31 December
2013 have not been included above.
6,000,000 Equity Shares of Re. 1 are held by Standard & Poor's International 6,000,000 6,000,000
LLC, USA, Fellow Subsidiary (P.Y. 6,000,000 of Re. 1 each)
(d) Aggregate number of bonus shares issued, shares issued for consideration other than cash and shares bought
back during the period of five years immediately preceding the reporting date
Particulars Nos.
Equity shares bought back by the company
In 2009 Nil
In 2010 1,281,560
In 2011 910,000
In 2012 Nil
In 2013 Nil
TOTAL 2,191,560
Aggregate number of bonus shares and shares issued for consideration other than cash during the period of 5 years
immediately preceding the reporting date is Nil.
149
CONSOLIDATED

(e) Details of shareholders holding more than 5% shares in the company.

a) S&P India, LLC 44.17% 31,209,480
b) McGraw-Hill Asian Holdings (Singapore) Pte. Ltd. 15.02% 10,612,709

a) S&P India, LLC 44.44% 31,209,480
b) McGraw-Hill Asian Holdings (Singapore) Pte. Ltd. - -
As per records of the Company, including its register of shareholders / members and other declarations received from
shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.
(f) Shares reserved for issue under options

For details of shares reserved for issue under the employee stock option scheme (ESOS) of the Company. (Refer note 28)
4. RESERVES AND SURPLUS Rupees

As at As at
Securities premium account
Opening balance 102,635,424 -
Add:- Amount received on exercise of employee stock option scheme 248,715,210 102,635,424
(Refer note 28)
351,350,634 102,635,424
Capital reserve 122,232,111 122,232,111
Capital redemption reserve 2,191,560 2,191,560
General reserve
Opening balance 636,969,222 444,109,327
Add : Transfer from the statement of profit and loss 281,182,594 192,859,895
918,151,816 636,969,222

4. RESERVES AND SURPLUS (CONTD.) Rupees
As at As at
Foreign currency monetary item translation account
Opening balance 79,422,051 45,664,182
(Add)/Less : Movement during the year 163,213,013 33,757,869
242,635,064 79,422,051
Currency fluctuation translation reserve
Opening balance (46,134,122) 9,785,939
(Add)/Less : Movement during the year (253,682,890) (55,920,061)
(299,817,012) (46,134,122)
Hedging reserve account
Opening balance (29,611,842) (162,366,170)
(Add)/Less : Movement during the year (108,810,447) 132,754,328
(138,422,289) (29,611,842)
Surplus/(deficit) in the statement of profit and loss
Balance as per last financial statements 4,351,799,764 3,647,311,131
Profit for the year 2,978,375,216 2,203,962,562
Less: Appropriation
Proposed final equity dividend (706,528,900) (280,942,960)
Interim dividend (634,997,464) (842,225,470)
Corporate dividend tax (231,461,793) (183,445,604)
Transfer to general reserve (281,182,594) (192,859,895)
Total appropriations (1,854,170,751) (1,499,473,929)
NET SURPLUS IN THE STATEMENT OF PROFIT AND LOSS 5,476,004,229 4,351,799,764
TOTAL 6,674,326,113 5,219,504,168
5. TRADE PAYABLES Rupees

As at As at
Current
Trade payables 1,122,197,153 1,135,260,424
1,122,197,153 1,135,260,424
Non current
Trade payables 157,266,408 165,137,221
157,266,408 165,137,221
TOTAL 1,279,463,561 1,300,397,645
151
CONSOLIDATED

6. OTHER LIABILITIES Rupees

As at As at
Current
Statutory liabilities 328,408,644 290,082,459
Unearned revenue and fees received in advance 791,511,754 750,600,958
Deferred grant revenue (Refer note 32) 43,576,047 59,291,107
Forward contract payable 138,422,289 29,611,842
Other payables 725,579,758 1,363,384,100
Unclaimed dividend (Investor education and protection fund will be credited 10,340,279 10,001,305
as and when due)
2,037,838,771 2,502,971,771
Non current
Statutory liabilities 5,851,308 300,626
Unearned revenue and fees received in advance - 428,615
Deferred grant revenue (Refer note 32) 17,166,611 13,719,672
23,017,919 14,448,913
TOTAL 2,060,856,690 2,517,420,684
7. PROVISIONS Rupees
As at As at
Current
Proposed dividend 706,528,900 280,942,960
Corporate dividend tax thereon 120,074,587 45,575,972
Provision for tax 124,342,112 6,535,682
For employee benefits
For leave benefit 351,452,196 314,051,052
For gratuity (Refer note 25) 78,393,300 75,790,835
TOTAL 1,380,791,095 722,896,501

8. FIXED ASSETS Rupees
Gross Block at Cost Accumulated Depreciation Amortisation Net Block
As at J Currency As at As at Currency As at As at
On Assets
anuary 1, Additions Deductions Translation Adjustments December 31, January 1, For the year Translation Adjustments December 31, December 31,
sold
2013 Reserve 2013 2013 Reserve 2013 2013
Intangibles
Goodwill on
3,150,313,229 - - - - 3,150,313,229 - - - - - 3,150,313,229
consolidation
Customer relationship 255,311,624 - - 34,750,903 - 290,062,527 77,923,303 38,212,524 - 14,809,312 - 130,945,139 159,117,388
Brand 32,229,218 - - 4,386,775 - 36,615,993 9,574,162 24,832,170 - 2,209,661 - 36,615,993 -
Non compete 41,007,002 - - 5,581,533 - 46,588,535 28,424,031 12,762,678 - 5,401,826 - 46,588,535 -
Goodwill 204,098,049 - - 21,320,278 - 225,418,327 41,646,517 19,885,385 - 3,101,597 - 64,633,499 160,784,828
SUB TOTAL 3,682,959,122 - - 66,039,489 - 3,748,998,611 157,568,013 95,692,757 - 25,522,396 - 278,783,166 3,470,215,445
INTANGIBLE ASSETS
Tangibles
Buildings 157,352,097 - - - - 157,352,097 102,237,887 7,783,110 - - - 110,020,998 47,331,099
Furniture and fixtures 256,140,730 8,461,084 8,580,974 534,705 - 256,555,545 121,424,570 19,221,884 6,655,280 3,961,475 - 137,952,649 118,602,896
Office equipments 384,201,977 46,069,143 44,823,526 (20,884,388) - 364,563,206 163,302,151 41,373,665 41,685,938 10,295,462 - 173,285,340 191,277,866
Computers 680,445,758 99,984,200 40,980,349 (2,273,039) - 737,176,570 507,121,123 108,262,995 39,793,362 (2,007,281) - 573,583,475 163,593,095
Vehicles 68,120,933 14,233,526 14,201,941 (237,497) - 67,915,021 35,535,298 18,029,020 10,418,115 (81,136) - 43,065,067 24,849,954
Leasehold
766,350,707 8,812,138 3,547,495 33,294,608 - 804,909,958 240,539,495 88,865,241 2,586,008 1,437,134 - 328,255,862 476,654,096
improvements
SUB TOTAL 2,312,612,202 177,560,091 112,134,285 10,434,389 - 2,388,472,397 1,170,160,524 283,535,915 101,138,703 13,605,654 - 1,366,163,391 1,022,309,006
TANGIBLE ASSETS
TOTAL 5,995,571,324 177,560,091 112,134,285 76,473,878 - 6,137,471,008 1,327,728,537 379,228,672 101,138,703 39,128,050 - 1,644,946,557 4,492,524,451
153
154
8. FIXED ASSETS (CONTD.) Rupees
Currency As at Currency As at As at
As at January As at January
Additions Deductions Translation Adjustments December 31, For the year On Assets sold Translation Adjustments December 31, December 31,
1, 2012 1, 2012
CRISIL Limited
Reserve 2012 Reserve 2012 2012
Intangibles
CORPORATE OVERVIEW
Goodwill on consolidation 825,225,891 2,325,087,338 - - - 3,150,313,229 - - - - - - 3,150,313,229

Customer relationship 235,504,419 - - 19,807,205 - 255,311,624 37,312,148 35,496,192 - 5,114,963 - 77,923,303 177,388,321
Brand 29,728,859 - - 2,500,359 - 32,229,218 4,584,412 4,361,293 - 628,457 - 9,574,162 22,655,056
Non compete 37,825,658 - - 3,181,344 - 41,007,002 13,610,328 12,947,921 - 1,865,782 - 28,424,031 12,582,971
Goodwill 144,786,155 38,175,590 - 21,136,304 - 204,098,049 14,863,373 16,752,890 - 10,030,254 - 41,646,517 162,451,532
Annual Report 2013

Sub Total intangible assets 1,273,070,982 2,363,262,928 - 46,625,212 - 3,682,959,122 70,370,261 69,558,296 - 17,639,456 - 157,568,013 3,525,391,109
Tangibles
Buildings 161,565,478 - 4,213,381 - - 157,352,097 97,829,098 7,973,585 3,564,796 - - 102,237,887 55,114,210
2013 - A GLANCE
Furniture and fixtures 235,067,674 32,419,113 12,372,629 1,026,572 - 256,140,730 100,851,341 19,451,905 6,642,034 7,763,358 - 121,424,570 134,716,160
Office equipments 329,302,704 71,047,733 15,960,179 (188,281) - 384,201,977 129,242,063 37,789,437 8,691,054 4,961,705 - 163,302,151 220,899,826
Computers 626,641,723 137,223,025 82,880,292 (538,698) - 680,445,758 475,805,706 110,397,154 81,989,021 2,907,284 - 507,121,123 173,324,635
Vehicles 59,984,550 25,135,049 16,751,785 (246,881) - 68,120,933 34,472,443 16,406,802 15,619,507 275,560 - 35,535,298 32,585,635
Leasehold improvements 658,076,454 130,695,099 22,373,653 (47,193) - 766,350,707 172,580,608 81,641,144 14,723,330 1,041,073 - 240,539,495 525,811,212
Sub Total tangible assets 2,070,638,583 396,520,019 154,551,919 5,519 - 2,312,612,202 1,010,781,259 273,660,027 131,229,742 16,948,980 - 1,170,160,524 1,142,451,678
TOTAL 3,343,709,565 2,759,782,947 154,551,919 46,630,731 - 5,995,571,324 1,081,151,520 343,218,323 131,229,742 34,588,436 - 1,327,728,537 4,667,842,787
STATUTORY REPORTS

CONSOLIDATED
9. INVESTMENTS Rupees
As at As at
A. Non-current investments
Trade investment (valued at cost unless stated
otherwise)
Unquoted equity investments
Other Investments
1,875,000 (P.Y.1,875,000) Equity Shares of National 56,250,000 56,250,000
Commodity and Derivative Exchange Limited of Rs. 10
each, fully paid up
300,000 (P.Y. 300,000) Equity Shares of Caribbean 13,642,500 13,642,500
Information and Credit Rating Agency Of US $ 1 each,
fully paid up
Less: Provision for diminution in value of Investment (13,642,499) 1 (13,642,499) 1
Other Investments
1 (P.Y. 1) Equity Share of ICRA Limited of Rs. 10 each, 1,218 1,218
fully paid up
Proportional Share of Investments in Bonds by Joint - 10,103,536
Venture Company (Quoted -At Cost Or Market Value,
whichever is lower) (Refer note 23)
1 (P.Y. Nil) Equity Share of Credit Analysis and 812 -
Research Limited of Rs. 10 each, fully paid up
TOTAL LONG TERM (AT COST) - {A}* 56,252,031 66,354,755
B. Current Investments
Non-trade investments (valued at lower of cost or
market value)
Unquoted mutual funds
Investments In Mutual Funds (Unquoted)
each UTI Liquid Cash Plan Institutional - Daily Income
Option-Reinvestment
each Birla Sunlife Cash Plus - Daily Dividend-Regular
Plan-Reinvestment
each ICICI Prudential Liquid -Regular Plan-Daily Dividend
155
CONSOLIDATED


As at As at
each Baroda Pioneer Liquid Fund - Daily Dividend Plan
each IDFC Cash Fund - Regular Plan Daily Dividend
Axis Liquid Fund - Direct Plan - Daily Dividend (CFDRR)
80,832.68 (P.Y. Nil) units of face values 1000.00 88,754,284 -
each LIC NOMURA MF Liquid Fund - DIRECT - Dividend
Plan-LF-D1
each SBI PLF - Direct Plan - Daily Dividend
each IDFC Cash Fund - Direct Plan - Daily Dividend
each UTI-Liquid Cash Plan- Institutional - Direct Plan -
Daily Dividend Reinvestment
2,972,261.37 (P.Y. Nil) units of face value Rs. 10.00 each 30,027,270 -
Sundaram Money Fund - Direct Plan - Daily Dividend
each HDFC Liquid Fund-Direct Plan - Daily Dividend
Reinvestment
each HDFC FMP 370D August 2013 (4) Fixed Monthly
Plan, NFO
UTI FMP Collection Fund - Fixed Monthly Plan, NFO
each IDFC FTP Series 31 - Fixed Monthly Plan, NFO
each ICICI Prudential Fixed Maturity Plan - Series 69 -
369 Days - Plan J - Fixed Monthly Plan, NFO
Deutsche Mutual Fund - FMP Series 34 - Direct - Growth
ICICI Prudential Liquid - Regular Plan - Daily Dividend
each Axis Liquid - Direct Plan - Daily Dividend
each UTI Liquid Cash Plan Institutional - Daily Plan-
Daily Dividend

As at As at
each UTI Liquid Cash Plan Institutional - Daily Dividend
each SBI PLF - Direct Plan - Daily Dividend Plan
each IDFC Cash Fund - Daily Dividend - Direct Plan
Proportional Share of Investments in Mutual Fund by - 196,872,536
Joint Venture Company (Unquoted -At Cost Or Market
Value, whichever is lower) (Refer note 23)
TOTAL INVESTMENTS IN MUTUAL FUNDS {B}** 2,387,199,083 1,084,312,575
TOTAL INVESTMENTS {A}+{B} 2,443,451,114 1,150,667,330
*Aggregate market value of Company's investment in 2,354 10,105,005
**Aggregate Net Asset Value (NAV) of Company's 2,431,818,084 1,281,185,111
investment in Unquoted Mutual Funds
10. DEFERRED TAX ASSET Rupees

As at As at
Particulars
Deferred tax liability
On fixed assets 69,673,489 79,202,814
On provision for gratuity 333,104 25,011
Gross deferred tax liablity 70,006,593 79,227,825
Deferred tax asset
On lease rent amortisation 56,631,652 53,690,813
On provision for leave encashment 97,991,075 80,123,327
On provison for bonus and commission 36,188,357 27,596,619
On provision for gratuity 19,307,949 21,326,083
On provison for bad debt 41,217,496 36,632,530
On initial rating fees deferred 6,156,018 5,771,506
On fixed assets 12,952,100 4,816,301
On carry forward losses* 21,337,199 18,924,750
On disallowance under section 40(a) 6,828,411 5,186,981
GROSS DEFERRED TAX ASSET 298,610,257 254,068,910
NET DEFERRED TAX ASSET 228,603,664 174,841,085
* The Company assesses the likelihood of deferred tax assets getting recovered from future taxable income.
157
CONSOLIDATED

11. TRADE RECEIVABLE Rupees

As at As at
Particulars
Unsecured, considered good unless stated otherwise
Outstanding for a period exceeding six months from the date they are
due for payment
Unsecured, considered good 28,875,264 22,232,237
Unsecured, considered doubtful 125,135,788 120,385,250
Other receivables
Unsecured, considered good 1,166,015,796 1,150,091,116
Less : Provision for doubtful receivables (125,135,788) (120,385,250)
TOTAL 1,194,891,060 1,172,323,353
12. CASH AND BANK BALANCES Rupees

As at As at
Particulars
Cash and cash equivalents
Cash on hand 191,501 220,008
Balances with banks
On current accounts 1,514,658,144 1,370,744,216
On unpaid dividend accounts 10,340,279 10,001,305
1,525,189,924 1,380,965,529
Other bank balances
- Deposit with original maturity within 12 months 374,302,946 147,002,244
(Deposit includes fixed deposits with banks Rs. 8,514,520 (P.Y. Rs. 55,548,142)
marked as lien for guarantees issued by banks on behalf of the group.
(Refer note 20))
TOTAL 1,899,492,870 1,527,967,773
13. LOANS AND ADVANCES Rupees

As at As at
Particulars
Current
Sundry deposits 13,887,986 75,869,008
Advance recoverable in cash or kind 60,420,204 55,813,021
Advance taxes paid - 469,448
Loans to employees 38,834,602 39,842,559

13. LOANS AND ADVANCES (CONTD.) Rupees
As at As at
Particulars
Prepaid expense 42,209,728 41,558,724
210,799,149 247,208,657
Non current
Sundry deposits 405,156,561 355,492,733
Advance recoverable in cash or kind - 7,669,285
Advance taxes paid 67,690,104 80,184,956
Prepaid expense 4,750,288 7,646,499
480,647,106 456,063,401
TOTAL 691,446,255 703,272,058
14. OTHER ASSETS Rupees

As at As at
Particulars
Current
Interest accrued on fixed deposit 3,862,399 10,373,974
Accrued revenue 421,879,750 298,308,886
Assets held for sale - 233,488
Grant receivable (Refer note 32) - 77,191,282
425,742,149 386,107,630
Non current
Interest accrued on fixed deposit 3,814,257 272,677
Grant receivable (Refer note 32) 17,166,611 13,719,672
Other bank blances
-Deposits with original maturity for more than 12 months 68,957,918 33,440,373
(Deposit includes fixed deposits with bank Rs. 22,324,030 (P.Y. Rs. 626,215)
marked as lien for guarantees issued by banks on behalf of the Group
(Refer note 20))
89,938,786 47,432,722
TOTAL 515,680,935 433,540,352
159
CONSOLIDATED

15. INCOME FROM OPERATIONS Rupees

Particulars
Ratings services (Refer note 30) 4,138,915,562 3,963,695,511
Research services (Refer note 23, 29) 6,410,969,970 5,260,243,281
Advisory services 556,536,467 553,236,571
TOTAL 11,106,421,999 9,777,175,363
16. OTHER INCOME Rupees

Particulars
Interest on deposits 36,388,909 77,035,438
Profit on sale of fixed assets (Net) 9,205,771 9,679,073
Rental income - 7,700,000
Foreign exchange gain (Net) (Refer note 2.16) 230,976,272 52,276,146
Profit from sale of investments (Net) 2,701,242 14,079,037
Dividend income from other investments 70,166,182 27,166,807
Miscellaneous income 16,983,493 15,859,249
TOTAL 366,421,869 203,795,750
17. PERSONNEL EXPENSES Rupees

Particulars
Salaries, wages and bonus 4,779,517,274 4,037,361,513
Contribution to provident funds 206,237,453 179,238,107
Contribution to other funds (Refer note 25) 31,739,287 41,946,355
Staff training and welfare expenses 137,285,188 131,521,388
TOTAL 5,154,779,202 4,390,067,363
18. ESTABLISHMENT EXPENSES Rupees

Particulars
Repairs and maintenance - Buildings 108,028,964 100,072,372
Repairs and maintenance - Others 91,101,181 70,305,647
Electricity 82,289,491 75,129,860
Communication expenses 107,184,811 104,903,900
Insurance 2,153,643 1,948,686
Rent (Refer note 24) 464,236,673 469,880,136
Rates and taxes 6,367,572 2,478,156
TOTAL 861,362,335 824,718,757

19. OTHER EXPENSES Rupees
Particulars
Printing and stationery 36,737,723 36,328,732
Conveyance and travelling 323,538,543 281,303,307
Books and periodicals 77,220,879 82,150,539
Vehicle expenses 781,175 1,021,913
Remuneration to non-whole time directors 14,422,511 14,063,318
Business promotion and advertisement 19,224,431 16,744,779
Professional fees - Associate services 295,384,465 259,938,580
Software purchase and maintenance expenses 42,315,972 49,771,712
Provision for bad debts (Including bad debt) 121,740,318 118,634,312
Auditors' remuneration 17,861,818 8,790,481
Recruitment expenses 37,630,744 23,671,008
Miscellaneous expenses 50,007,035 28,281,819
Sales commission 5,374,523 4,595,828
TOTAL 1,484,689,251 1,286,084,668
20. DETAILS OF CONTINGENT LIABILITIES AND CAPITAL COMMITMENTS ARE

AS UNDER Rupees
Particulars
1. Bank guarantee in the normal course of business 72,438,550 56,174,357
2. Disputed income tax and sales tax demand:
(i) Pending before appellate authorities in respect of which the group is 163,227,241 159,281,720
in appeal
(ii) Decided in group's favour by appellate authorities and department is 23,506,360 24,406,312
in further appeal
3. Estimated amount of contracts (net of advances) remaining to be 21,460,987 10,097,864
executed on capital account and not provided for
Management believes that the ultimate outcome of above matters will
not have a material adverse impact on its financial position, results of
operations and cash flows.
280,633,138 249,960,253
161
CONSOLIDATED

21. SEGMENT REPORTING

Business Segments
The Group has three major business segment: Ratings, Research and Advisory. A description of the types of products
and services provided by each reportable segment is as follows:
- Rating services includes credit ratings for corporates, banks, bank loans, small and medium enterprises (SME),
training in the credit rating field, credit analysis services, grading services and global analytical services.
- Research segments includes high end equity & corporate research, industry reports, customised research
assignments, subscription to data services, independent equity research (IER) and IPO gradings.
- The Advisory segment comprise of infrastructure advisory and risk management practice.
Business segments
Particulars Total
Ratings Research Advisory
Operating revenue (Refer note 23, 29, 30) 4,138,915,562 6,410,969,970 556,536,467 11,106,421,999
Segment results 1,639,439,148 2,053,550,435 75,468,555 3,768,458,138

Add / (Less) Unallocables:
Profit on sale of fixed asset 9,205,771
Profit on sale of investments 2,701,242
Others 169,335,674
Exceptional item (refer note 23) 658,860,566
Tax expense (1,273,269,758)
Non-cash expenses other than depreciation 121,241,113 396,829,414 33,515,287 551,585,814
and amortisation
Segment assets 431,948,918 694,423,841 193,654,089 1,320,026,848
Unallocable assets* 10,146,063,501
Segment liabilities 480,580,702 291,980,357 18,950,695 791,511,754
Unallocable liabilities* 3,929,599,592
Revenue by geographic segments

Geography Rupees
India 3,902,799,532
Europe 3,372,231,174
TOTAL 11,106,421,999

21. SEGMENT REPORTING (CONTD.)
Business segments
Particulars Total
Ratings Research Advisory
Operating revenue 3,963,695,511 5,260,243,281 553,236,571 9,777,175,363
Segment results 1,637,716,135 1,588,432,179 99,672,566 3,325,820,880

Add / ( Less ) Unallocables :
Profit on sale of fixed asset 9,679,073
Profit on sale of current investments 14,079,037
Others 63,799,939
Exceptional item -
Tax expense (932,919,440)
Non-cash expenses other than depreciation 142,649,066 323,591,157 42,235,976 508,476,199
and amortisation
Segment assets 451,498,731 605,699,990 235,509,882 1,292,708,603
Unallocable assets* 8,537,746,135
Segment liabilities 466,840,889 267,010,481 17,178,203 751,029,573
Unallocable liabilities* 3,789,685,257
Revenue by geographic segments

Geography Rupees
India 3,625,838,050
Europe 2,968,108,219
TOTAL 9,777,175,363
Notes to segmental results :
*Assets and liabilities used interchangeably between segments have been classified as unallocable. The Company believes
that it is currently not practical to allocate these assets and liabilities since a meaningful segregation of the available data is
not feasible.
163
CONSOLIDATED

22. LIST OF RELATED PARTIES

Parties Relationship
Related parties where control exists

McGraw Hill Financial, Inc. The Ultimate Holding Company
Other related parties
S&P India, LLC Fellow Subsidiary
Standard & Poor's LLC Fellow Subsidiary
Standard & Poor's International LLC, USA Fellow Subsidiary
Standard & Poor's South Asia Services Private Limited Fellow Subsidiary
McGraw-Hill Asian Holdings (Singapore) Pte. Ltd. Fellow Subsidiary
McGraw-Hill Companies Canada Corp Fellow Subsidiary
McGraw Hill Asia Holding Fellow Subsidiary
McGraw-Hill Financial Equity Research Fellow Subsidiary
McGraw-Hill International (UK) Ltd Fellow Subsidiary
S&P Credit Market Services Europe Ltd Fellow Subsidiary
Standard & Poors Financial Services, LLC Fellow Subsidiary
S&P Singapore Pte. Ltd. Fellow Subsidiary
Standard & Poor's International Hong Kong Limited Fellow Subsidiary
Standard & Poors (Australia) Pty. Ltd. Fellow Subsidiary
India Index Services and Products Limited Joint Venture (Refer Note 23)
Capital IQ Fellow Subsidiary
Ravinder Singhania Alternate Director
Key Management Personnel
Roopa Kudva Managing Director &&KLHI([HFXWLYH2IFHU

Standard & Poor's LLC Professional services rendered 12,404,360 4,864,868
Revenue share paid - 837,077
McGraw-Hill Companies Canada Corp Professional services rendered 5,158,241 5,068,961
Amount receivable 466,425 450,738
S&P Credit Market Services Europe Ltd Professional services rendered 330,389,545 296,060,678
Standard & Poors Financial Services,
Professional services rendered 895,081,536 1,048,280,887
LLC
Subscription fees paid 1,527,569 -
S&P Singapore Pte. Ltd. Professional services rendered 30,083,523 22,366,150
Standard & Poor's International Hong Professional services rendered 9,693,662 4,977,283
Kong Limited
Standard & Poors (Australia) Pty. Ltd. Professional services rendered 21,564,186 8,773,571
Reimbursement of expenses 7,392,499 3,838,621
Amount payable - 6,919,050
Capital IQ Amount receivable 10,913,563 572,957
Revenue share received - 572,957
Professional services rendered 17,224,713 -
Reimbursement of expenses
459,332 -
received
Subscription fees paid 859,462 -
S&P India, LLC Dividend 592,980,120 499,351,680
Standard & Poor's South Asia Services Reimbursement of expenses 10,335,078 12,395,424
Private Limited received
Standard & Poor's International LLC, USA Dividend 114,000,000 96,000,000
Sitting fees & commission paid to 3,960,000 3,920,000
nominee directors
McGraw-Hill Asian Holdings (Singapore) Dividend 137,965,217 -
Pte. Ltd.
Share capital outstanding 10,612,709 -
165
CONSOLIDATED


McGraw Hill Financial, Inc. Amount receivable 130,018 90,241
(Formerly known as The McGraw-Hill Reimbursement of expenses 25,000 -
Companies, Inc.) received
McGraw Hill Asia Holding Reimbursement of expenses 4,475,617 -
received
McGraw-Hill Financial Equity Research Professional services rendered 17,934,061 -
Amount receivable (net) 1,585,834 -
McGraw-Hill International (UK) Ltd Advance received 2,893,009 -
Ravinder Singhania Professional fees paid - 275,750
Roopa Kudva* Remuneration paid 33,603,537 48,133,243
Option granted - 25,000
*Note: As the future liability for gratuity and leave encashment is provided on an actuarial basis for the Group as a whole,
the amount pertaining to directors is not included above.
23. The Company had 49% interest in India Index Services and Products Limited (a joint venture in India with National
Stock Exchange). As per the Accounting Standard relating to Financial Reporting of Interest in Joint Venture (AS 27)
notified by Companies Accounting Standards Rules, 2006 as amended,the details of interest in the Joint Venture are
as under :
Rupees
Unaudited
Particulars
Assets - 305,906,817
Reserves and surplus - 285,143,376
Liabilities - 14,393,441
Income 105,718,364 134,190,152
Expenses 20,296,948 20,994,847
Tax Expense 26,485,595 34,542,462
Contingent liability - 13,712,655
Note: During the year (as on August 27, 2013), CRISIL sold its entire equity stake in India Index Services & Products Limited
(IISL), a joint venture with National Stock Exchange of India Limited (NSE), for a total consideration of Rs. 100 crores. The stake
represented 49% of the equity share capital of IISL. The income, expense and tax expense above are for the period January
01, 2013 to August 27, 2013.

24. OPERATING LEASE
The Group has taken certain office premises on non cancelable operating lease basis. Some of these agreements have
a price escalation clause. Details as regards payments and future commitments are as under :
Rupees
Particulars
Lease Payment recognised in the statement of profit and loss 464,236,673 469,880,136
Future minimum lease payments
Not later than one year 473,810,315 434,363,468
Later than one year & not later than five years 1,559,154,487 1,593,328,557
Later than five years 146,106,169 515,909,436
TOTAL 2,179,070,971 2,543,601,461
25. GRATUITY AND OTHER POST EMPLOYMENT BENEFITS PLANS

In accordance with the Payment of Gratuity Act, 1972 CRISIL provides for gratuity, a defined benefit retirement plan
covering eligible employees of the Company. The Gratuity Plan provides a lump-sum payment to vested employees
at retirement, death, incapacitation or termination of employment, of an amount based on the respective employees
salary and tenure of employment with the Group.
The following tables summarise the components of net benefit expense recognised in the Statement of Profit and Loss
and the funded status and amounts recognised in the balance sheet for the respective plans.

Net employee benefit expense (recognised in Personnel expenses) Rupees
Particulars
Current service cost 41,734,522 33,083,842
Interest cost on defined benefit obligation 14,965,206 11,250,633
Expected return on plan assets (9,875,118) (7,562,345)
Net actuarial (gain)/loss recognised in the year (15,085,323) 5,757,609
NET GRATUITY BENEFIT EXPENSE 31,739,287 42,529,739
Balance Sheet
Details of provision for gratuity benefit Rupees
31, 2013 31, 2012 31, 2011 31, 2010 31, 2009
Present value of funded obligations 190,390,636 176,731,353 137,139,263 122,357,703 59,956,957
Fair value of plan assets (111,997,336) (100,940,518) (87,139,192) (54,956,729) (51,514,412)
NET LIABILITY 78,393,300 75,790,835 50,000,071 67,400,974 8,442,545
167
CONSOLIDATED

Changes in the present value of the defined benefit obligation are as follows: Rupees
31, 2013 31, 2012 31, 2011 31, 2010 31, 2009
Opening defined benefit obligation 176,731,353 137,139,263 122,357,703 59,956,957 46,923,957
Current service cost 41,734,522 33,083,842 29,464,802 16,653,548 14,085,580
Interest cost 14,965,206 11,250,633 9,589,537 4,774,974 3,128,810
Plan amendments - - (26,151,020) 4,105,740 -
Actuarial (gain)/loss (13,552,903) 4,214,639 12,286,802 42,889,085 2,629,250
Liabilities assumed on acquisition/ (4,472,050) 1,577,122 - 5,212,394 -
(Settled on divestiture)
Benefits paid (25,015,492) (10,534,146) (10,408,561) (11,234,995) (6,810,640)
CLOSING DEFINED BENEFIT OBLIGATION 190,390,636 176,731,353 137,139,263 122,357,703 59,956,957
Changes in the fair value of plan assets are as follows: Rupees

31, 2013 31, 2012 31, 2011 31, 2010 31, 2009
Opening fair value of plan assets 100,940,518 87,139,192 54,956,729 51,514,412 25,723,052
Expected return on plan assets 9,875,118 8,309,796 5,911,588 3,794,502 2,845,210
Actuarial gain/ (loss) 1,556,159 (1,620,049) 1,220,306 2,980,714 (1,479,890)
Contribution by employer 28,738,307 15,832,107 35,459,130 5,835,906 31,236,680
Asset acquired / Transferred (284,270) 1,813,618 - 2,066,199 -
Benefits paid (28,828,496) (10,534,146) (10,408,561) (11,235,004) (6,810,640)
CLOSING FAIR VALUE OF PLAN ASSETS 111,997,336 100,940,518 87,139,192 54,956,729 51,514,412
Details of experience adjustment on plan assets and liabilities are as follows: Rupees
31, 2013 31, 2012 31, 2011 31, 2010 31, 2009
Experience adjustment on plan assets 1,700,065 (1,620,049) 1,220,306 3,581,797 (1,479,840)
Experience adjustment on plan liabilities (2,061,058) (1,594,692) (47,016,952) (40,991,052) (3,207,220)

The major categories of plan assets as a percentage of the fair value of total plan assets are as follows:
Particulars
Investment with insurer 100% 100%
Actual return on plan assets (Based on interest rate declared by the insurer as 9.30% 9.30%
at 31st March 2013/2012)
The overall expected rate of return on assets is determined based on the market prices prevailing on that date, applicable to
the period over which the obligation is to be settled.
The principal assumptions used in determining gratuity for the Groups plans is as below:
Particulars
Discount rate 9.40% 8.30%
Estimated rate of return on plan assets 8.50% 8.50%
Expected employee turnover
Age : 20-44 Years 6.50% 6.50%
Age : 45-57 Years 6.00% 6.00%
Expected employer's contribution next year 32,774,240 29,794,760
With respect to foreign subsidiaries Gratuity and other retiral benefits are provided as per local statute are not disclosed
above.
26. The accounts of India Index Services and Products Limited is unaudited and the financial statements (excluding notes
to accounts) as certified by the management, have been considered in these consolidated financial statements upto
date of sale.
27. The Company has a revenue hedge programme in place to mitigate foreign exchange (forex) related risk. Accounting
for revenue hedge is done as per principles of AS 30 Financial Instruments: Recognition and Measurement wherein
mark to market on forward contracts entered to hedge highly probable future transactions are routed through hedge
reserve account. Details of currency hedge and forward contract value are as under :
Particulars Year Ended December 31, 2013 Year Ended December 31, 2012
Hedged Currency Amount Amount in INR Amount Amount in INR
USD 31,891,000 2,015,710,355 30,274,000 1,712,661,900
GBP 10,447,000 1,041,206,340 9,378,000 844,571,350
EUR 4,399,000 370,752,170 4,014,000 294,068,775
169
CONSOLIDATED

28. EMPLOYEE STOCK OPTION SCHEME ("ESOS")

The Company has formulated an ESOS based on which employees are granted options to acquire the equity shares of
the Company that vests in a graded manner. The options are granted at the closing market price prevailing on the stock
exchange, immediately prior to the date of grant . Details of the ESOS scheme are as under :
Details ESOP 2012 (1) ESOP 2012 (2) ESOP 2011 (1) ESOP 2011 (2)
Date of grant 16-Apr-12 16-Apr-12 14-Feb-11 14-Feb-11

No. of options granted 903,150 5,125 1,161,000 23,750
Exercise price (Rs.) 1,060.00 1,060.00 579.88 579.88
Graded vesting period :
1st Year 180,630 5,125 232,200 23,750
2nd Year 361,260 - 464,400 -
3rd Year 361,260 - 464,400 -
Weighted average price of options as per Black 320.59 230.97 185.21 149.41
-Scholes Option Pricing model at the grant date (Rs)
A summary of status of Company's employee stock option scheme is as given below:

As as As at
Nos. Nos.
Outstanding at the beginning of the year 1,822,200 1,160,000
Add: granted during the year - 908,275
Less: Forfeited/lapsed during the year 175,665 68,475
Exercised during the year 416,850 177,300
Exercised during the year but not allotted - 300
The Company uses intrinsic value method to record compensation cost arising on account of grant made under ESOS.
The Company has not recorded any compensation cost as the grant has been given at 100% of the closing market price
immediately prior to the date of grant on the stock exchange which recorded highest trading volume.
Had the Company recorded the compensation cost on the basis of Fair Valuation method instead of intrinsic value method, employee
compensation cost would have been higher by Rs. 162,773,724 (P.Y. Rs. 66,032,202) and EPS would have been as under :
Earnings per share : Nominal value of Re.1 per share :
Key Assumptions
Expected volatility 30.44% 34.77%
Time to maturity 3.69 Years 3.68 Years
Expected dividend 2.23% 2.37%
Risk free rate of interest 8.40% 8.03%

29. In the previous year, CRISIL Limited and its subsidiary acquired 100% stake in Coalition Development Limited along with
its subsidiaries on 4th July, 2012.
30. In the corresponding previous year, there was a one time impact of Rs. 73,079,000 in rating revenue pretaining to
previous year on account of certain price renegotiations with retrospective effect.
31. DETAILS OF UNHEDGED FOREIGN EXPOSURE Rupees

Particulars
Assets 833,190,942 572,248,177
Liabilities 38,153,121 60,092,671
32. The Companys operations in Poland have received approval for sanction of grant amounting to Rs. 93,730,350. The
grant has been awarded under Operational Program - Innovative Economy scheme and will be available to the Company
on fulfillment of certain conditions. During the year, the Company has recognised Rs. Nil (P.Y. Rs. 3,587,890) as grant
in the Statement of Profit and Loss.
33. PREVIOUS YEAR COMPARATIVES

Previous years figures have been regrouped where necessary to conform to current years classification.
Company Secretary
Place: Mumbai
171
172
STATEMENT PURSUANT TO DETAILS TO BE FURNISHED FOR SUBSIDIARIES AS PRESCRIBED BY THE
Rupees
MINISTRY OF CORPORATE AFFAIRS
1 Name of the CRISIL CRISIL Irevna CRISIL CRISIL Irevna CRISIL Irevna Pipal CRISIL Irevna Coalition Coalition Mercator Coalition
subsidiary company Risk and Argentina Irevna Poland UK Limited USA LLC Research Information Development Development Info-Services Development
CRISIL Limited
Infrastructure S.A. SP.Zo.o. Analytics and Technology Limited, UK Systems India Private Singapore Pte
CORPORATE OVERVIEW
Solutions Information (Hangzhou) (India) Private Limited Limited

Limited Services (I) Co. Ltd. Limited
Pvt. Ltd.
2 Share Capital 49,999,900 741,072 100 Equity 5,514,100 1 Equity 10,000 Equity 100% 174,691 50,000 Equity 100,000 1 Equity
Equity Shares Equity Shares Shares of Equity Shares Share of US$ Shares of Investment in Equity Shares Shares of Equity Shares Shares of
of Re.1 each, of ARS 1 PLN 500 of of 1 each, 200 each, Rs. 10 each, the capital of 1 each, Rs. 10 each, of Rs. 10 SGD 1 each,
Annual Report 2013

fully paid up each, fully each, fully fully paid up fully paid up fully paid up fully paid up fully paid up each, fully fully paid up
paid up paid up paid up
3 Reserves & Surplus 428,140,350 51,736,304 18,462,828 59,344,699 (17,984,299) 67,741,735 15,627,911 369,948,233 61,250,208 23,333,663 36,013,719
2013 - A GLANCE
4 Total Assets 632,565,604 110,407,685 104,248,472 3,608,722,932 571,322,120 120,384,123 41,385,523 848,284,023 76,955,901 45,311,409 60,579,715
5 Total Liabilities 632,565,604 110,407,685 104,248,472 3,608,722,932 571,322,120 120,384,123 41,385,523 848,284,023 76,955,901 45,311,409 60,579,715
6 Investments - - - 2,666,225,790 552,732 - - 44 - - -
7 Turnover 557,669,414 323,512,800 152,926,385 1,955,344,264 1,786,479,511 326,573,021 108,688,918 1,328,168,253 82,477,994 119,526,623 184,493,062
8 Profit/(Loss) Before 74,877,918 36,291,495 9,416,009 (6,668,829) 28,902,603 42,957,836 11,278,883 469,382,007 15,090,021 22,293,940 13,744,780
Taxation
9 Tax Expense 20,614,042 12,967,753 10,751,770 (40,082,157) 15,270,687 13,096,930 3,842,587 126,548,721 3,209,447 4,460,516 877,879
10 Profit After Taxation 54,263,876 23,323,742 (1,335,761) 33,413,328 13,631,916 29,860,906 7,436,296 342,833,285 11,880,574 17,833,424 12,866,902
STATUTORY REPORTS
11 Dividend Paid - - - - - - - 84,132,420 - - -
For and on behalf of the Board of Directors of CRISIL Limited
Roopa Kudva M. Damodaran H.N. Sinor

Managing Director & Director Director
Nachiket Mor Yann Le Pallec

Director Director
Company Secretary
CONSOLIDATED / NOTICE

Place: Mumbai
NOTICE
NOTICE is hereby given that the Twenty-Seventh Annual hold office from the conclusion of this Meeting until the
General Meeting of the members of CRISIL Limited (the conclusion of the next Annual General Meeting of the
Company) will be held on Thursday, April 17, 2014 at Company on such remuneration as may be decided by
3.30 p.m. at Rangaswar Hall, 4th floor, Yashwantrao the Board of Directors.
Chavan Pratishthan, Gen. Jagannath Bhosale Marg, Next to
Sachivalaya Gymkhana, Mumbai 400 021 to transact the SPECIAL BUSINESS
following business:
7. To consider, and if thought fit, to pass the following
resolution, with or without modification, as an
ORDINARY BUSINESS Ordinary Resolution
1. Adoption of Accounts RESOLVED THAT Mr. M. Damodaran, who was appointed
To receive, consider and adopt the audited Profit & Loss as an Additional Director of the Company with effect
Account of the Company for the year ended December from January 14, 2014 by the Board of Directors of the
31, 2013 and the Balance Sheet as at that date, together Company pursuant to Section 161(1) of the Companies
with the Report of the Board of Directors and the Act, 2013 and the Articles of Association of the Company
Auditors thereon. and in respect of whom, the Company has received a
notice under Section 257 of the Companies Act 1956, be
2. Declaration of Dividend and is hereby appointed as a Director of the Company,
To confirm the payment of interim dividends on the liable to retire by rotation.
equity shares for the year ended December 31, 2013 and
8. To consider, and if thought fit, to pass the following
declare the final dividend and special dividend for the
resolution, with or without modification, as an
year 2013 on equity shares.
Ordinary Resolution
3. Re-appointment of Dr. Nachiket Mor RESOLVED THAT Ms. Vinita Bali, who was appointed
To appoint a Director in place of Dr. Nachiket Mor, as an Additional Director of the Company with effect
who retires by rotation and being eligible, seeks from February 14, 2014 by the Board of Directors of the
re-appointment. Company pursuant to Section 161(1) of the Companies
Act, 2013 and the Articles of Association of the Company
4. Re-appointment of Mr. Douglas L. Peterson and in respect of whom, the Company has received a
To appoint a Director in place of Mr. Douglas L. Peterson, notice under Section 257 of the Companies Act 1956, be
who retires by rotation and being eligible, seeks and is hereby appointed as a Director of the Company,
re-appointment. liable to retire by rotation.
5. Re-appointment of Mr. Yann Le Pallec By order of the Board

To appoint a Director in place of Mr. Yann Le Pallec, For CRISIL Limited
who retires by rotation and being eligible, seeks
re-appointment.
6. Appointment of Auditors Mumbai, February 14, 2014 Company Secretary
To consider and if thought fit, to pass, with or without
modifications, the following resolution, as an Ordinary
Resolution:
RESOLVED THAT S. R. Batliboi & Co. LLP, (Firm Reg. No.

301003E), Chartered Accountants, be and are hereby
re-appointed as Statutory Auditors of the Company to
173
NOTICE
NOTES 7. Pursuant to the provisions of Section 205A(5) and

205C of the Companies Act, 1956, the Company has
1. A MEMBER ENTITLED TO ATTEND AND VOTE AT
transferred the unclaimed or un-encashed dividends
THE MEETING IS ENTITLED TO APPOINT A PROXY
for financial years upto 2005 to the Investor
TO ATTEND AND VOTE INSTEAD OF HIMSELF AND A
Education and Protection Fund (IEPF) established by
PROXY NEED NOT BE A MEMBER OF THE COMPANY.
the Central Government. The Company transfers the
2. A proxy form duly completed, stamped and signed unclaimed or un-encashed dividend to IEPF after the
should reach the Registered Office of the Company expiry of seven years from the date of transfer to
not less than 48 hours before the time of the unpaid dividend account. Members who have a valid
Annual General Meeting. claim to any unclaimed dividends which are not yet
transferred, may claim the same from the Company
3. Members / Proxies should bring the duly filled Attendance
immediately. The detailed dividend history and due
Slip at the Annual General Meeting. Corporate Members
dates for transfer to IEPF are available on website of the
are requested to send a duly certified copy of the Board
Company, www.crisil.com.
Resolution authorising their representative(s) to attend
and vote on their behalf at the Meeting. 8. The Board of Directors of the Company has by resolution
given consent for not attaching the balance sheet of
4. The Register of Members and Share Transfer Books of
the subsidiaries to the Annual Report of CRISIL. The
the Company will remain closed from Thursday, March
accounts of the subsidiary companies, therefore, are
13, 2014 to Friday, March 14, 2014 (both days inclusive).
not separately included in the Annual Report. However,
5. Dividend as recommended by the Board of the consolidated financial statements, duly audited by
Directors, if declared at the Annual General Meeting, the Statutory Auditors, include accounts of subsidiary
shall be paid on May 2, 2014: companies. The Accounts of subsidiary companies and
other detailed information will be made available to
(i) to those Members whose names appear on the
the investors seeking information at the Companys
Register of Members of the Company after giving
Registered Office.
effect to all valid transfers in physical form lodged
with the Company and its Registrar and Transfer 9. The certificate from the Statutory Auditors of the
Agents before Wednesday, March 12, 2014; and Company certifying that the Companys Employee
Stock Option Scheme 2011 and Employee Stock Option
(ii) in respect of shares held in electronic form, on the Scheme 2012 are being implemented in accordance
basis of beneficial ownership as per the details with Securities and Exchange Board of India (Employee
furnished by National Securities Depository Limited Stock Option Scheme and Employee Stock Purchase
(NSDL) and Central Depository Services (India) Scheme) Guidelines, 1999 and in accordance with the
Limited (CDSL) at the close of business hours on resolutions passed by the members of the Company
Wednesday, March 12, 2014. will be available for inspection by the members at the
Annual General Meeting.
6. Members are requested to note that the Companys shares
are under compulsory electronic trading for all investors. 10. The Annual Report of the Company for the financial
Members are, therefore, requested to dematerialise their year 2013 has been emailed to the members whose
shareholding to avoid inconvenience. Members whose email addresses are available with the depositories or
shares are in electronic mode are requested to inform are obtained directly from the members, as per the MCA
change of address and updates of bank account(s) to Circular Nos. 17/2011 dated April 21, 2011 and 18/2011
their respective Depository Participants. Members are dated April 29, 2011 on Green Initiative of Ministry
encouraged to use the Electronic Clearing Services (ECS) of Corporate Affairs for Corporate Governance. For
for receiving dividends. Shareholders desirous of availing other members, who have not registered their email
ECS facility for payment of dividend may download the addresses, the Annual Report has been sent at their
required ECS mandate form from the website of the registered postal address. If any member wishes to get
Company, www.crisil.com. a duly printed copy of the Annual Report, the Company
will send the same, free of cost, upon receipt of request
from the member.

11. All the documents referred to in the Notice and the Audit Committee of CRISIL. He does not hold any shares
Explanatory Statement will be available for inspection in the Company and is not related to any Director or Key
by the Members at the Registered Office of the Company Managerial Personnel of the Company in any way.
between 11.00 a.m. and 1.00 p.m. on all working days
The Board considers it in the interest of the Company to
from the date hereof upto the date of the Meeting.
re-appoint Dr. Nachiket Mor as a Director. None of the
Pursuant to Clause 49 of the listing agreement with the Directors and Key Managerial Personnel of the Company
stock exchanges, the following information is furnished or their relatives, except Dr. Nachiket Mor, is interested or
about the Directors proposed to be appointed / concerned in this Resolution.
re-appointed
Item No. 4
Item No. 3
Mr. Douglas L. Peterson
Dr. Nachiket Mor
Mr. Douglas L. Peterson, Director, retires by rotation and
Dr. Nachiket Mor, Director, retires by rotation and being
being eligible, seeks re-appointment. A brief resume of
eligible, seeks re-appointment. A brief resume of Dr. Nachiket
Mr. Douglas L. Peterson is given below:
Mor is given below:
Mr. Douglas L. Peterson is President and Chief Executive
Dr. Nachiket Mor is a Yale World Fellow; has a Ph.D. in
Officer of McGraw Hill Financial, a leader in credit ratings,
Economics from the Graduate School of Arts and Sciences
benchmarks and analytics for the global capital and
at the University of Pennsylvania, with a specialisation in
commodity markets. Mr. Peterson, 55, was elected President
Finance from the Wharton School; an MBA in Finance from
and Chief Executive Officer of McGraw Hill Financial, effective
the Indian Institute of Management, Ahmedabad; and an
November 2013. He joined the Company in September
undergraduate degree in Physics from the Mumbai University.
2011 and served as President of Standard & Poors Ratings
Dr. Mor worked with ICICI from 1987 to 2007 and was a Services.
member of its Board of Directors from 2001 to 2007. From
Previously, Mr. Peterson was the Chief Operating Officer
2007 to 2011, he served as the founding President of ICICI
of Citibank, N.A., Citigroups principal banking entity that
Foundation and during this period was also the Chairman
operates in more than 100 countries. Mr. Peterson was with
of the Governing Council of IFMR Trust and Board Chairman
Citigroup for 26 years, during which time he transformed
of FINO. He is now the Board Chairman of CARE India and,
businesses and drove performance in investment and
among others, is also a member of Reserve Bank of Indias
corporate banking, brokerage, asset management, private
Eastern Area Local Board and Central Board; and the Boards
equity, and retail banking. His prior roles include CEO of
of IKP Centre for Technologies in Public Health and CRISIL. In
Citigroup Japan, Country Manager for Costa Rica and Uruguay,
the past he has also served as a Board Member of Wipro for
and Chief Auditor of Citigroup.
five years and Board Chairman of the Fixed Income Money
Market and Derivatives Association of India for two years. Mr. Peterson serves on the Board of Directors of McGraw
Hill Financial, the Federal Deposit Insurance Corporations
During 2011-12 he served as a member of the High Level
Systemic Resolution Advisory Committee, the Institute of
Expert Group on Universal Health Coverage appointed by
International Finances Market Monitoring Group, the Boards
the Planning Commission, and during 2012-13 as a member
of Advisors of Wharton Financial Institutions Center and
of the Health Sub-Committee of the National Advisory
the Kravis Leadership Institute, and the Boards of Trustees
Council. He currently serves as a member of the RBI Board
of Claremont McKenna College and the Paul Taylor Dance
of Directors Standing Committee on Financial Inclusion; the
Company.
Research Advisory Council of the RBIs Centre for Advanced
Financial Research and Learning; and the Standing Council Mr. Peterson received an MBA from the Wharton School at
of Experts on the Indian Financial Sector of the Ministry of the University of Pennsylvania and an undergraduate degree
Finance, Government of India. in mathematics and history at Claremont McKenna College.
Dr. Mor is not a director of any other public limited company Mr. Peterson is not a director of any other public limited
in India. He is the Chairman of the Allotment Committee and company in India. He is the member of the Nomination and
Corporate Social Responsibility Committee and a member of
175
NOTICE
Remuneration Committee of CRISIL. He does not hold any The Board considers it in the interest of the Company to
shares in the Company and is not related to any Director or re-appoint Mr. Yann Le Pallec as a Director. None of the
Key Managerial Personnel of the Company in any way. Directors and Key Managerial Personnel of the Company or
their relatives, except Mr. Yann Le Pallec, is interested or
The Board considers it in the interest of the Company to re- concerned in this Resolution.
appoint Mr. Douglas L. Peterson as a Director. None of the
Directors and Key Managerial Personnel of the Company or
their relatives, except Mr. Douglas L. Peterson, is interested
EXPLANATORY STATEMENT UNDER SECTION
102 OF THE COMPANIES ACT, 2013
or concerned in this Resolution.
Item No. 7
Item No. 5 Mr. M. Damodaran
Mr. Yann Le Pallec
Mr. M. Damodaran who has been appointed as an Additional
Mr. Yann Le Pallec, Director, retires by rotation and being Director of the Company under Section 161(1) of the
eligible, seeks re-appointment. A brief resume of Mr. Yann Le Companies Act, 2013 effective January 14, 2014 holds office
Pallec is given below: up to the date of this Annual General Meeting, and is eligible
for appointment as Director as provided under Article 129 of
Mr. Yann Le Pallec is Standard & Poors Executive Managing
the Articles of Association of the Company. The Company
Director for Europe, Middle East, and Africa (EMEA).
has received notice under Section 257 of the Companies Act,
Mr. Yann Le Pallec is a member of Standard & Poors
1956 from a member signifying his intention to propose the
Ratings Services Executive Committee and reports to
candidature of Mr. M. Damodaran for the office of Director.
Mr. Neeraj Sahai, its President.
A brief profile of Mr. M. Damodaran, as required to be
Based in Paris, Mr. Yann Le Pallec leads a team of over 500
given pursuant to clause 49 (G) of the Listing Agreement,
ratings analysts and support staff operating from 11 offices:
is as under :
Paris, London, Frankfurt, Madrid, Milan, Moscow, Stockholm,
Dubai, Johannesburg, Tel Aviv, and Istanbul. Standard & Mr. Meleveetil Damodaran, has, in a career spanning 40
Poors is the market leader in credit ratings in EMEA, covering years, worked with the Federal and the State governments
more than 1,000 companies, financial institutions, insurers, in India, regulatory bodies, investment institutions, banks,
public sector entities, and sovereigns. development financial institutions and with the private sector.
A member of the premier Indian Administrative Service, he
Before his appointment in December 2011, Mr. Yann Le Pallec
has held a number of regulatory and developmental positions
occupied various managerial and analytical positions at S&P
in the Government and in Indias financial sector, before
including Head of EMEA Corporate and Government Ratings
demitting office as Chairman, Securities and Exchange Board
(from August 2010 until December 2011), Regional Practice
of India (SEBI) on February 18, 2008. He graduated with
Leader for EMEA Sovereign, International Public Finance
distinction in Economics and in Law from the Universities of
and Insurance Ratings (from July 2009 until August 2010),
Madras and Delhi respectively.
Regional Practice Leader for EMEA Insurance Ratings (from
December 2006 until July 2009). After a career spanning several regulatory and developmental
assignments in the state of Tripura, he was appointed as
Before joining S&P in 1999, Mr. Yann Le Pallec was a senior
its Chief Secretary in 1992. Thereafter, he worked as Joint
manager with Paris-based audit firm Salustro Reydel. He
Secretary in the Ministry of Finance, Banking Division, for
holds a masters degree in Business from Ecole Suprieure
five years, dealing with Governments ownership functions of
des Sciences Economique et Commerciales (ESSEC) in France.
Public Sector Banks. In 2001, he was appointed the Chairman
Mr. Yann Le Pallec is not a director of any other public limited of Unit Trust of India (UTI) and simultaneously given charge
company in India. He is the member of the Stakeholders of Industrial Development Bank of India (IDBI), another of
Relationship Committee of CRISIL. He does not hold any Indias major financial institutions. During his tenure at SEBI,
shares in the Company and is not related to any Director or he was elected Chairman of the International Organisation
Key Managerial Personnel of the Company in any way. of Securities Commissions (IOSCO)s 80 member Emerging

Markets Committee for two years. in a variety of marketing and general management roles
in different countries, with eminent multinationals like The
He is presently Advisor and Chief Representative in India for Coca-Cola Company and Cadbury Schweppes PLC.
the ING Bank of Netherlands. He is an Independent Director
on the Boards of Hero MotoCorp, Tech Mahindra, Larsen and Ms. Vinita Bali started her career in India as a Management
Toubro, Bennett, Coleman & Company, Sobha Developers, Trainee with Voltas Ltd (A Tata Company), in 1977. In 1980,
L&T Infra Investment Partners, L&T Infrastructure Finance, she joined Cadbury India as Brand Manager and rose rapidly
and UltraTech Cement. He is also the Chairman of TVS to become the youngest General Manager of the Company.
Automobile Solution. He is a Senior Director of Albright She also worked with Cadburys in the UK, Nigeria and South
Stonebridge Group. He is a Member of the Advisory Boards Africa and served on the Boards of Cadbury Nigeria and
of Experian Credit Information Company of India, Aureos Cadbury South Africa as Sales and Marketing Director. She
Capital, Atos India, Macquarie Group India, Brookfield Asset headed the Sales & Marketing function in South Africa in
Management and World Gold Council. He chaired the Ministry 1993-94 during the period of the most profound transition in
of Corporate Affairs Committee for Reforming the Regulatory the history of the country.
Environment for doing Business in India. He is also a part
In 1994, Ms Vinita Bali joined The Coca-Cola Company as its
of the Development Evaluation Planning Committee of the
Worldwide Marketing Director and played an instrumental
Planning Commission of India, Indias apex planning body.
role in doubling the brands historical growth rate during the
He has been appointed by the Government of India as the
next 3 years. In 1997, she took over as Vice President of
first Chairman of the Society and Board of Governors of the
Marketing for Latin America and in 1999 relocated to Chile
Indian Institute of Management (IIM), Tiruchirappalli.
as President of the Andean Division. In 2001, she was made
Mr. M. Damodaran does not hold any shares in the Company. a Corporate Officer of The Coca-Cola Company and appointed
Vice President and Head of Corporate Strategy.
The Board of Directors considers it in the interest of the
Company to appoint Mr. Damodaran as a Director. In July 2003, Ms. Vinita Bali joined The Zyman Group, as
a Managing Principal and Head of the Business Strategy
None of the Directors and Key Managerial Personnel of the practice in the USA. As a member of the Company's Board of
Company or their relatives, except Mr. M. Damodaran, is in Managers, Ms. Bali shared responsibility for developing and
any way, interested or concerned in this resolution. managing Zyman Group's consulting business.
Item No. 8 In the 8 years that Ms. Vinita Bali has been in Britannia, she
Ms. Vinita Bali has significantly diversified the Bakery portfolio, steered
Ms. Vinita Bali who has been appointed as an Additional the Company on a Health and Nutrition course, developed a
Director of the Company under Section 161(1) of the successful Dairy business in India and consistently delivered
Companies Act, 2013 effective February 14, 2014 holds office its highest ever growth with revenue quadrupling in 8 years.
upto the date of this Annual General Meeting, and is eligible Ms. Bali has brought new focus and energy to Britannia with
for appointment as Director as provided under Article 129 of a clear strategic vision propelled by all-round innovation and
the Articles of Association of the Company. The Company a professional and high energy team. Her mantras are clarity
has received notice under Section 257 of the Companies Act, in direction and strategy; operational excellence and a culture
1956 from a member signifying his intention to propose the of innovation, to create value through a diverse portfolio of
candidature of Ms. Vinita Bali for the office of Director. products and platforms to meet changing consumer needs
and habits. Britannia also has a business in the middle-east
A brief profile of Ms. Vinita Bali, as required to be given and serves over 30 markets around the world through its
pursuant to clause 49 (G) of the Listing Agreement, is manufacturing units in the UAE and Oman.
as under:
In 2009, Ms Vinita Bali created the Britannia Nutrition
Ms. Vinita Bali is currently the Managing Director of Britannia Foundation and has pioneered the cause of addressing
Industries, Indias publicly listed premier Food Company with malnutrition in India. Britannias work in this area was
revenue in excess of USD 1.1 Billion. She took this role in recognised at the closing plenary of the Clinton Global
January 2005 following 16 years of overseas assignments
177
NOTICE
Initiative meeting in New York, in 2009. In 2012, Ms. Bali was

selected to the Advisory Board of the Scaling Up Nutrition
(SUN) initiative of the United Nations.
Ms. Vinita Bali is also a Non-Executive Director on the global

Boards of Syngenta International AG, Global Alliance for
Improved Nutrition (GAIN) and the Advisory Board of Cornell
Universitys Department of Nutritional Science. She also
serves as a Non-Executive Director on the Boards of several
Indian companies - Titan Industries Ltd., The Wadia Group
Companies and Piramal Glass Limited. While at The Coca-
Cola Company in the USA, Ms. Bali served on the Boards
of The American Foundation for the Blind, New York, as
well as the Center for Strategic and International Studies
in Washington DC.
Ms. Vinita Bali has also spoken at forums in India and overseas
on topics as diverse as marketing and brand strategy,
business strategy, leadership, corporate responsibility - or
how to combine the needs of the society into the business
model of the company.
Ms. Vinita Bali has been recognised in forums nationally

and internationally and has received several awards and
accolades, both in India and overseas.
Ms. Vinita Bali does not hold any shares in the Company.
The Board of Directors considers it in the interest of the

Company to appoint Ms. Vinita Bali as a Director.
None of the Directors and Key Managerial Personnel of the

Company or their relatives, except Ms. Vinita Bali, is in any
way, interested or concerned in this resolution.
By order of the Board

For CRISIL Limited
Mumbai, February 14, 2014 Company Secretary

CRISIL LOCATIONS
REGISTERED OFFICE Mumbai SINGAPORE
CRISIL House, Coalition Development Systems (I) Coalition Development
Central Avenue, Private Limited Singapore Pte. Ltd.
Hiranandani Business Park, Unit 2, 5th Floor, Building 5 and
60 Robinson Road, # 11-01,
Powai, Mumbai - 400 076, India 6, Mindspace SEZ, Thane-Belapur
BEA Building, Singapore 068892
Phone : +91 22 3342 3000 Road, Airoli, Navi Mumbai 400 708
Phone: +65 62276123 / 62277180
Fax : +91 22 3342 3001 Phone : +91 22 3911 6400
Fax: +65 62275010 / 62272061
Fax : +91 22 6673 3721
ASIA PACIFIC Mercator Info-Services India EUROPE
INDIA Private Limited LONDON
Ahmedabad Unit 2A, 5th Floor, Building 5 and CRISIL Irevna UK Limited
Unit No. 706, 7th Floor, 6, Mindspace SEZ, Thane-Belapur St. Clements House,
Venus Atlantis, Prahladnagar, Road, Airoli, Navi 27-28 Clements Lane
Satellite, Ahmedabad 380 015 Mumbai 400 708 London EC4N 7AE,
Phone : +91 79 4024 4500 Phone : +91 22 3911 6400 Phone : +44 870 333 6336
Fax : +91 79 4024 4520 Fax : +91 22 6673 3721 Fax : +44 020 7156 5001
Bengaluru Unit no. 104 & 201, Coalition Development Limited
W - 101, 1st floor, Sunrise Chambers, Kensington, A wing, IT/ITES-SEZ, Enterprise House, 21 Buckle Street,
22, Ulsoor Road, Hiranandani Business Park, Powai, London E1 8NN
Bengaluru 560 042 Mumbai 400 076 Phone : +44 020 7309 3800
Phone : +91 80 4244 5399 Phone : +91 22 4047 2100 Fax : +44 020 7309 3801
Fax : +91 80 4244 5300 Fax : +91 22 4047 2045
POLAND
Chennai Kolkata
CRISIL Irevna Poland Sp z o.o.
Thapar House, Mezzanine Floor, Convergence Building,
Renaissance Business Centre,
No. 37 Montieth Road, Egmore, 3rd Floor, D2/2, EPGP Block
6th Floor, ul. Swietego Mikolaja 7,
Chennai 600 008 Sector V, Salt Lake City, 50-125 Wroclaw, Polska
Phone : +91 44 6656 3100 / Kolkata 700 091 Phone : +48 78 550 0945
+91 44 4905 3100 Phone : 033 4011 8200 Fax : +48 71 323 2677
Fax : +91 44 2854 7531 / Fax : 033 4011 8250
+91 44 6656 3160 NORTH AMERICA
Pune
3rd & 7th Floors, Tower-II, Building No. IT 3, 1st Floor, NEW YORK
TVH - Beliciaa Towers NTPL SEZ Survey No. 154/6, CRISIL Irevna US LLC
Block No. 94, MRC Nagar Rajiv Gandhi Infotech Park, 880, Third Ave, 12th Floor
Chennai 600 028 Phase - I, Hinjewadi, New York, NY 10022
Phone : +91 44 4226 3400 / Pune 411 057 Phone: +1 646 292 3520
+91 44 4041 6100 Phone : +91 20 4200 8000 Fax: +1 646 292 3521
Fax : +91 44 4226 3520 Fax : +91 20 4200 8010
Gurgaon 1187/17, Ghole Road, SOUTH AMERICA

Plot No. 46, Sector 44, Shivaji Nagar, Pune - 411 005 ARGENTINA
Opp PF Office, Phone : +91 20 4018 1900 CRISIL Irevna Argentina S. A.
Gurgaon - 122 003 Haryana, Fax : +91 20 4018 1930 Av. del Libertador, 1969,
Phone : +91 0124 672 2000 2nd Floor, B1638BGF Olivos,
CHINA
Provincia de Buenos Aires,
Hyderabad CRISIL Irevna Information &
Phone : +54 11 4837 7600
Uma Chambers, 3rd Floor, Technology (Hangzhou) Co. Fax : +54 11 4837 7667
Plot No. 9 & 10, Nagarjuna Hills, Limited,
Near Punjagutta Cross Road CRISIL Irevna Argentina S.A.
Room 1606, 16th floor, Hengxin
Hyderabad - 500 082 Bartlome Cruz Nro.1850, Vicente
Mansion, Jiangnan Avenue 588,
Phone : +91 40 2335 8103 - 05 Lopez, Provincia de Buenos Aires,
Hangzhou
Fax : +91 40 2335 7507 Phone : +54 11 4837 7600
Phone: +86 571 8106 9801
Fax: +86 571 8106 9802 Fax : +54 11 4837 7667
179
Notes
Notes
Notes
Registered Office: CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai 400 076
PROXY FORM
Folio No _________________________ DP ID No _________________________ Client ID No ________________________
No. of Shares held _________________________________________________________________________________________
I/We _____________________________________________________________________________________________________
of _________________________________________________________________ being member/members of CRISIL LIMITED
hereby appoint Mr./Ms. __________________________________________________________________________________ of
_______________________________________________________ or failing him Mr./Ms. ______________________________

of _______________________________________________________________________________________________________
as my/our proxy to vote for me/us on my/our behalf at the TWENTY SEVENTH ANNUAL GENERAL MEETING of the Company
to be held on Thursday, April 17, 2014 at 3.30 p.m. at Rangaswar Hall, 4th floor, Yashwantrao Chavan Pratishthan,
Gen. Jagannath Bhosale Marg, Next to Sachivalaya Gymkhana, Mumbai - 400 021.
Revenue
stamp of
15 paise
Signed this __________________________ day of ___________ 2014 Signature _________________________

Note : This form, duly completed and signed, must be deposited at the Registered Office of the Company not less than
48 hours before the time of the meeting.
CRISIL LIMITED
Registered Office: CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai 400 076
ATTENDANCE SLIP
(To be handed over at the entrance of the meeting hall)
27th Annual General Meeting April 17, 2014
I hereby record my presence at the TWENTY SEVENTH ANNUAL GENERAL MEETING of the Company held on Thursday,
April 17, 2014 at 3.30 p.m. at Rangaswar Hall, 4th floor, Yashwantrao Chavan Pratishthan, Gen. Jagannath Bhosale Marg,
Next to Sachivalaya Gymkhana, Mumbai - 400 021.
Full Name of the Member (in BLOCK LETTERS) _________________________________________________________________
Folio No __________________________ DP ID No __________________________ Client ID No __________________________
No. of Shares held _________________________________________________________________________________________

Full Name of the Proxy (in BLOCK LETTERS) ___________________________________________________________
Members/Proxys Signature ________________________________________________________________________________
183
Winners of the CEO Awards
for Outstanding Contributions in 2013
Execution Excellence in Crisil Excellence in
Excellence Business Development Value Champion People Development
Dushyanth Sekhar Jagadish M. Li Jia Li Pawan Jain

Associate Director, GAC Senior Business Development Assistant Manager, GR&A Associate Director, GR&A
Manager, Ratings
Analytical Excellence in Analytical Execution

Excellence Client Management Excellence Excellence
Ramesh Thimmaraya Saurabh Yadav Serge de Coster Suchitra Bhaskar

Senior Research Analyst, Manager, SME Head of Asia, Coalition Director, Corporate HR
GR&A
Breakthrough
Initiative
Deepti Shibad Manish Gupta R. Vasudevan Vikrant Mathur

Manager, Corporate Director, Ratings Director, Ratings Associate Director, Ratings
Technology
Excellence in
franchise building
Darshan Lad D. K. Joshi Prasad Koparkar

Associate Director, Ratings Chief Economist, CRISIL Senior Director, Research
FOLLOW US
/CRISILLimited
/company/CRISIL
/CRISILLimited
/CRISILLimited
CRISIL Limited
CRISIL House, Central Avenue, Hiranandani Business Park,
Powai, Mumbai - 400076. India.
Phone: +91 22 3342 3000
www.crisil.com
www.standardandpoors.com
Printed on 100% recycled paper

Crisil 5000921213

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CRISIL LIMITED ANNUAL REPORT 2013

MAKING MARKETS FUNCTION BETTER

and these ones flag the strategic milestones of the year:

Analytics Expanding Footprint People

Customer Wins Insight Thought Leadership

08 CRISILs Consolidated Ten Year Financial Highlights

13 CRISILs 2nd Annual Seminar on Expanding Indias Corporate Bond Market

14 2013: Looking Back

44 Corporate Sustainability Initiatives

67 Management Discussion and Analysis Report

76 Auditors Certificate for Corporate Governance

77 Report of the Directors on Corporate Governance

137 Consolidated Financial Statements

02 CRISIL Limited Annual Report 2013

Among the highlights of the year

During the year, McGraw Hill Financial,

CRISIL is well poised to continue its

04 CRISIL Limited Annual Report 2013

RATINGS GLOBAL ANALYTICAL

*Wholly owned subsidiary CRISIL Risk and Infrastructure Solutions Limited

We are Indias leading credit rating

CRISIL Global Research & Analytics

06 CRISIL Limited Annual Report 2013

We are Indias largest independent and

CRISIL Risk and Infrastructure Solutions

CRISIL Infrastructure Advisory: We CRISIL Risk Solutions: We provide

Income from operations CAGR 29 % EBITDA CAGR 30 %

(Rs. in Crores) (Rs. in Crores)

Profit after tax CAGR 36 % Market capitalisation CAGR 40 %

(Rs. in Crores) (Rs. in Crores)

08 CRISIL Limited Annual Report 2013

Net worth per share Income per employee

Return on net worth

05 09 10 The figures are for 9 months ending December 31, 2005

(From left) Roopa Kudva, Shri P. Chidambaram and

Shri P. Chidambaram leafs through the report as

Shri P. Chidambaram congratulates CRISIL on launching

12 CRISIL Limited Annual Report 2013

2013: Looking back

CRISIL Centre for Economic Research (C-CER) publishes a report on Indias

14 CRISIL Limited Annual Report 2013

CRISIL GR&A (Coalition) publishes

Quarterly Coalition Index an analysis of the performance of the top 10 global

Semi-Annual IB League Table (ranking of the top 10 global investment banks)

2013: Looking back

Launch of CRISIL Foundation

16 CRISIL Limited Annual Report 2013

2013: Looking back

CRISIL GR&A launches

CI 360, a comprehensive web-based competitive intelligence (CI) platform, based on our

18 CRISIL Limited Annual Report 2013

CRISIL rates corporate Indias first inflation-indexed debenture issued by L&T

2013: Looking back

Pratyush Prashant, Senior Director, CRISIL Infrastructure Advisory, makes a presentation on

20 CRISIL Limited Annual Report 2013

2013: Looking back

CRISIL GR&A organises a global web conference on Converging global cross-asset

CRISIL Infrastructure Advisory assists the Ministry of Finance in Namibia in

22 CRISIL Limited Annual Report 2013

CRISIL-S&P celebration to mark 10 years of the Global Analytical Centre

2013: Looking back

CNBC TV18-CRISIL Emerging India Awards 2013

24 CRISIL Limited Annual Report 2013

2013: Looking back